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The Department of Trade and Industry (DTI), as one of the implementing agencies of Republic Act No. 7581, or the Price Act, as amended, and as the Chairman of the National Price Coordinating Council (NPCC), strongly emphasizes the existence and validity of the laws and issuances authorizing the Suggested Retail Price (SRP) Bulletin for Basic Necessities and Prime Commodities (BNPC).
The Department stresses that Executive Order No. 913 (1983) vests the Trade Secretary with the power and authority to promulgate rules and regulations to implement the provisions and intent of “trade and industry laws”. Correlatively, the Price Act, as amended, authorizes the DTI Secretary to issue, from time to time, suggested reasonable retail prices for any or all BNPC under the Department’s jurisdiction.
The DTI informs the public that the manufacturers, distributors, and retailers themselves set and submit the SRP of their products. To verify the reasonableness of proposed price adjustments, the DTI requires the submission of supporting documents pursuant to Department Administrative Order No. 17-09, or the Guidelines on the Implementation of SRP of the BNPC under the Jurisdiction of DTI.
Further, the DTI also conducts independent research to validate the data submitted by the manufacturers. Clearly, the DTI approved and published SRP is but a reiteration of the supporting documents provided by manufacturers/producers, albeit adjusted according to relevant market factors, and to avoid profiteering.
Trade Secretary Ramon Lopez underscores “When manufacturers/producers submit their proposed SRP, they are bound to comply with the same and are estopped from selling at higher prices”.
He added “In fact, manufacturers/producers are fully-aware that the primary function of the SRP Bulletin is to inform and guide the public and keep them from deceitful or unconscionable transactions. Ultimately, any drastic deviation from the SRP is against public policy, and manufacturers/producers are not allowed to renege from their representations and submissions”.
For consumer-related concerns and queries, you may send an email to ConsumerCare@dti.gov.ph or reach us thru the One-DTI (1-384) Hotline. END
