The Department of Trade and Industry (DTI) is not in favor of any price increases in canned sardines, with Trade Secretary Cristina Roque vowing to persuade manufacturers not to raise their prices.
Over the weekend, Canned Sardines Association of the Philippines executive director Francisco Buencamino said in a radio interview that they plan to seek a P3 increase in the suggested retail price (SRP) of sardines, citing the rising cost of imported tin sheets amid a weakening peso.
“We are still talking to them, but we will push for no price increase for sardines. Most of these companies also produce items not covered by the SRP or by DTI pricing controls. I’ll speak to them again, just as I did last year,” Roque said in an ambush interview Tuesday in Quezon City.
Buencamino said the current SRP for sardines stands at P21, and the industry is proposing an increase to P24 per can.
Roque emphasized that the government must prioritize consumer welfare.
“These manufacturers are big producers and big companies. I’m confident they can find ways to avoid a price hike for now. They know how to manage this. So I’ll talk to them. But for now, no price increase,” Roque said.
She added that while sardine companies are free to increase prices for premium or non-basic products, staple canned sardines should remain at their current SRP.
Buencamino warned that failure to approve the SRP adjustment could lead to a reduced number of sardine brands available at the current price point.
In February this year, the DTI allowed a 5 percent price increase on canned sardines — part of a group of 63 stock-keeping units that were granted a minimal 5 to 10 percent adjustment.