Canned sardine makers dropped P3 price hike plan
In a statement on Tuesday, the DTI said Trade Secretary Cristina Roque had a meeting with members of the Canned Sardines Association of the Philippines (CSAP)—led by Chattrade, Mega Prime Foods Inc., PERMEX, Universal Canning Inc., and Century Pacific Food Inc. (CPFI)—on Monday.
During the meeting, the canned sardine manufacturers assured the agency that there would be no movement on the price of their products, 'putting to rest consumer concerns over a potential P3 price hike on the essential food item.'
'They committed to maintaining the current suggested retail price for canned sardines, a staple in Filipino households,' the DTI said.
The Trade Department said the dialogue was prompted by reports that the industry was planning to request an increase in the SRP of a 155-gram can of sardines from P21 to P24, citing rising production costs.
Earlier this month, CSAP executive director Francisco Buencamino mentioned the rise in the price of imported tin sheets resulting from the weakening peso.
'We appreciate the industry's commitment to the Filipino consumer, especially with the economic pressures families are facing today,' said Roque.
The DTI said that its Fair Trade Group (FTG) has not yet received a formal petition for a price adjustment 'but initiated the meeting to proactively address the issue.'
Under the amended Republic Act 7581, or the Price Act, the DTI monitors prices of canned fish, classified as a basic necessity.
The DTI said that it would continue to keep a close watch on the market to ensure prices remain stable and fair. — VBL, GMA Integrated News
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