Latest news with #FranciscoBuencamino
GMA Network
24-06-2025
- Business
- GMA Network
Canned sardine makers dropped P3 price hike plan
Manufacturers of canned sardines have canceled their plan to hike prices by P3, according to the Department of Trade and Industry (DTI). 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
GMA Network
14-06-2025
- Business
- GMA Network
Makers of canned sardines seek P3 hike
Makers of canned sardines are seeking an upward adjustment in the prices of their products due to the rise in the price of imported tin sheets resulting from the weakening peso. Interviewed on Super Radyo dzBB, Canned Sardines Association of the Philippines executive director Francisco Buencamino said the group has appealed to the Department of Trade and Industry (DTI) for a P3 hike in their products' suggested retail price (SRP). 'Right now, most of our SRP products are P21... Ang request namin ay itaas sa P24,' Buencamino said. (Our request is to raise it to P24.) He said canned sardine manufacturers are reeling from the high cost of tin sheets. 'These are imported materials. Habang humihina ang presyo against the dollar, nagmamahal,' he said. (As the price weakens against the dollar, it's becoming more expensive to make.) If the SRP hike will not be granted, Buencamino said, 'You will see lesser number of brands in the SRP level.' 'Mayroon namang option, magbabayad nga lang ng mas mahal if you really want sardines,' he added. (There is an option, you'll just have to pay more if you really want sardines.) —Ted Cordero/ VAL, GMA Integrated News
