Standard retail price of basic goods increase

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Metro Manila (CNN Philippines, June 11) — After two weeks of higher petroleum prices, the Department of Trade and Industry (DTI) has allowed an increase in the suggested retail price (SRP) of some basic goods.

DTI Undersecretary Ruth Castelo today said that they adjusted the SRP to accommodate the requests of manufacturers due to an increase in production costs.

"I-adjust naman natin. Pag tumaas adjust tayo konti, pag bumaba adjust pababa," Castelo told reporters.

[Translation: We will adjust. If costs increase then we'll adjust the prices, if it's lower again then we'll lower the prices.]

In particular the prices of canned goods will see a ₱0.55 to ₱0.90 increase.

The following are the adjusted prices of basic goods based on current SRP:

Canned Sardines (155 grams): ₱12.00-14.20

Meat loaf (150-170 grams): ₱16.50-18.90

Corned beef (150-175 grams): ₱26.00-36.20

Luncheon meat (165 grams): ₱31.50-32.50

The DTI explained that the Tax Reform for Acceleration and Inclusion (TRAIN) law is not wholly to blame for the price increase since it only contributed 5 percent to the increase.

On the other hand, prices of goods in the wet market increased due not only because of higher petroleum prices but because of the rainy season.

A kilo of galunggong rose to ₱240 pesos on Sunday and now averages from ₱180-200.

There was also a ₱50 to ₱20 increase in the price of vegetables from the Baguio region.

Budget Secretary Benjamin Diokno believes that these prices will eventually go down following the decline of the price of oil in the global market.

"Makikita na ho natin, pababa na ho yung inflation dahil unang-una, bumababa na yung presyo ng gasolina sa world market," Diokno said during a press conference Monday.

[Translation: We will see inflation go down because the oil prices in the global market are going down.]

He added that the TRAIN is not to blame for the current price increases. On the other hand, he blamed the National Food Authority (NFA) for the price increase in the staple food rice.

"Ito po ay dahil sa incompetence ho ng mga tao sa NFA, nagaannounce ho sila na wala na silang bigas so nagpanic yung merkado," Diokno said.

[Translation: It's because of the incompetence of the people in NFA, they announced that they had no more rice which caused the market to panic.]

He added that the NFA should impose tariffs on rice, and allow the private sector to import supply.

"If you allow the private sector to import the rice, nakikita po namin na ang presyo ng bigas ay bababa ng as much as ₱7 per kilo," Diokno said.

[Translation: If you allow the private sector to import the rice, then we see prices go down to as much as ₱7 per kilo.]

CNN Philippines' Cecille Lardizabal and Rex Remitio contributed to this report