On Monday, the Department of Trade and Industry (DTI) announced that it had given 51 retail businesses show-cause orders (SCOs) for selling basic needs and primary commodities (BNPCs) at prices higher than the previous month.
The enterprises were discovered to have sold BNPCs for over 10% more than the prices in the month prior, as well as with inconsistent price tags or no price tags at all, according to the government.
The businesses had 48 hours from the time of receipt to provide a written justification for the situation.
This occurs when 76 retail businesses in Malabon, Pasig, Paraaque, and Quezon City underwent inspections by the DTI’s Fair Trade Enforcement Bureau (FTEB) to determine the cost and availability of BNPCs.
The suggested retail price (SRP) bulletin was released in August, and according to the DTI, 70 businesses were deemed to be in conformity, representing a 92% compliance rate in the National Capital Region (NCR).
Six companies received letters of inquiry (LOI) for selling products at prices above the suggested retail price (SRP), and they had 72 hours to respond. Four people have already provided written justifications.
“We encourage sellers and manufacturers to comply with the SRP bulletin as such informs and protects consumers from deceptive or unconscionable transactions,” Trade Undersecretary Ruth Castelo said.
DTI asks 51 firms to explain price increase in basic goods
The headline inflation rate in the Philippines accelerated to 6.9 percent in September 2022, from 6.3 percent in August 2022. This is the highest recorded inflation since October 2018. With this month’s inflation, the Philippines’ average inflation rate from January to September 2022 stood at 5.1 percent. In September 2021, the inflation rate was observed at 4.2 percent.
On the other hand, lower annual increments were observed in the indices of health at 2.4 percent; transport at 14.5 percent; and education services at 3.5 percent.
Meanwhile, financial services retained its previous month’s inflation rate.
Core inflation, which excludes volatile food and energy items in the headline inflation, was lower at 4.5 percent in September 2022, from 4.6 percent in August 2022. In September 2021, core inflation was observed at 2.6 percent.
Inflation for food at the national level rose to 7.7 percent in September 2022, from 6.5 percent in August 2022. In September 2021, food inflation was lower at 5.2 percent.
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