The Department of Trade and Industry (DTI) announced that increases in the prices of basic necessities and prime commodities (BNPCs) will only take effect starting April 17, following a meeting with manufacturers and retailers on Saturday.
In a statement, the agency said industry stakeholders agreed to hold off on implementing price hikes until April 16 to help maintain market stability amid the effects of the ongoing conflict in the Middle East.
“This price stability effort is supported by BNPC manufacturers and retailers who have pledged to absorb current logistics and inventory pressures,” the DTI noted.
The meeting gathered representatives from major food and consumer goods companies, as well as retail groups such as Robinsons Retail Holdings Inc., SM Markets, Metro Retail Stores Group Inc., and the Philippine Amalgamated Supermarkets Association.
The DTI clarified that the recent declaration of a national energy emergency by Malacañang does not automatically result in a price freeze.
Under Republic Act No. 7581, a 60-day price freeze is only imposed when a state of calamity is declared in a specific area.
At present, the DTI monitors 726 product variants classified as essential, with 196 stock keeping units (SKUs) covered by Suggested Retail Prices (SRPs). These include canned sardines, processed milk, coffee, instant noodles, condiments, laundry and toilet soap, candles, salt, batteries, bottled water, and bread.
The agency also encouraged consumers to check the complete list of BNPCs and their corresponding SRPs through official DTI platforms, including its website and social media pages, as well as in supermarkets and grocery stores nationwide.