THE Department of Trade and Industry-Davao Region (DTI-Davao) said retailers who price goods more than 10 percent above the suggested retail price (SRP) will receive a Letter of Inquiry (LOI) from the agency.
Romeo Vasquez Jr., chief of DTI-Davao’s Consumer Protection Division, said weekly monitoring identifies products exceeding the SRP by 10 percent. “We send a Letter of Inquiry, and the retailer must explain within 48 hours,” Vasquez said.
If the explanation is unsatisfactory, the agency may issue a Notice of Violation and impose penalties ranging from P5,000 to P2 million, including possible cancellation of business permits, he added.
“Prices and supply of necessities and prime commodities remain generally stable, and we haven’t seen any significant increase in fuel prices,” Vasquez told reporters during the Kapehan sa Dabaw forum on Monday.
He said minor SRP deviations under P1 per product are due to logistics and delivery costs affected by rising fuel prices. For example, a 155-gram sardine brand with an SRP of P20.50 sold at P20.85, while a 150-gram beef loaf priced at P21.75 retailed for P22.20.
Vasquez noted that panic buying, hoarding, and profiteering remain unreported, and retail stores have enough stock to last about three months.
Earlier this month, DTI said manufacturers of basic goods committed not to raise prices for at least 30 days following a March 16 meeting between DTI Secretary Ma. Cristina Roque and more than 21 producers.
Products covered by the no-hike pledge include canned sardines, bread, bottled water, instant noodles, coffee, canned meat, soap, and candles.
Participating brands include Unipak, 555, Ligo, Lucky 7, Fresca, Morjon, Golden Town, and Mega (canned sardines); Pinoy Tasty and Pinoy Pandesal (bread); Wilkins and Nature’s Spring (bottled water); Safeguard Pure White, Tide Bar Original Scent, and Green Cross Pure White (toilet at laundry soaps); Datu Puti (vinegar and soy sauce), Lorins (patis), CDO (processed canned meat) and Liwanag (candles).
Meanwhile, some brands have committed to maintaining their prices for up to 60 days, including Lucky Me, Ho-Mi, Argentina, Lucky 7, 555, Swift Premium, Wow!, and Shanghai. Coffee brands such as Kopiko, Nescafé, and San Mig Coffee 3-in-1, along with Export candles, have also pledged not to raise their current prices. RGP WITH REPORTS FROM PNA