Two bread producers and a milk manufacturer are set to reduce the prices of a few products as oil prices continue to decline, but the lower prices will only be felt in the first quarter of 2019, the Department of Trade and Industry (DTI) said.
The DTI said in a statement that Gardenia Bread will revert to its October prices of P46.75 and P62 for Gardenia Loaf Bread 400g and 600g, respectively. Gardenia Pandesal also lowered its price by P1 to P36 per pack.
Marby will sell its Super Loaf Bread 600g and Wheat Bread at promotional prices of P58 and P61.50, respectively, which are P5.50 and P10.00 lower than its regular prices. This promo lasts until April 30, 2019.
Alaska Fortified Milk Drink 80g will be sold at a discounted price of P29 until the end of the year, or P0.50 lower than its regular price.
Meanwhile, nine brands of sardines and one corned beef are set to increase the prices of some products.
The products with price increases ranging from P0.40 to P0.85 are:
555 Sardines in Tomato Sauce
555 Bonus Pack
Lucky 7 Sardines in Tomato Sauce
Ligo (Easy Open Can)
Family Bonus Pack Plain
Family Regular Pack Plain
Master Green
Atami Green
Mikado
Mega (Easy Open Can)
Hakata (Easy Open Can)
Star Corned Beef
Other basic necessities and prime commodities that the DTI are monitoring are retaining their current suggested retail prices (SRP).
The DTI is set to release the new SRP on Friday, December 7, following the three-month price hold-off that ended last December 1.
Trade Secretary Ramon M. Lopez, in a statement, said the DTI’s Consumer Protection Group had a series of consultative meetings with the manufacturers to discuss the prices of basic and prime goods.
Lopez said the programmed decrease in the prices of a couple of bread and milk products is “part of the manufacturers´ social contribution to the consumers this holiday season despite not being included in the SRP list.”
But he said the lower prices will be felt early next year and not this December.
“Current stocks of manufactured basic and prime goods in the market were produced during the third quarter of this year when inflation, fuel price, foreign exchange rate, and other factors surged. As these began to decline in the last quarter of this year, we can expect that goods produced in this period using cost components that are acquired at lower prices will be distributed in the market early next year,” Lopez stated.
The price increase in some sardines brands, meanwhile, may be traced to the high acquisition cost of herring fish (tamban) that is currently priced at P32 per kilo.
Lopez said the DTI is set to meet with the Bureau of Fisheries and Aquatic Resources (BFAR) to study a proposal to set an SRP for tamban. (Ventures Cebu)