MANILA, Philippines — The Department of Trade and Industry (DTI) is looking to come up with a decision on the requests from manufacturers to hike prices on basic goods in two to three weeks.

“Two to three weeks under study and consultation with stakeholders,” Trade Secretary Ramon Lopez said yesterday in a Viber message to reporters in response to the query on when the DTI would release the decision on price increase requests.

In an interview with dzBB radio, Lopez said the DTI has received requests for price adjustments for 33 basic necessities and prime commodities (BNPC) amid rising fuel prices driven by the conflict between Russia and Ukraine.

These products include canned sardines, milk and canned meat.

“All these are being reviewed by the Consumer Protection Group,” Lopez said, adding that the suggested retail prices (SRPs) of BNPCs cannot be adjusted without having to go through DTI’s approval.

“We are not removing our SRP system as it serves as a guide for BNPCs,” he added.

In studying the requests for price adjustments of BNPCs, the DTI is looking at production costs and prices of raw materials.

Lopez said the DTI does not see immediate need to adjust SRPs as manufacturers of basic goods still have an inventory of raw materials and finished products.

The DTI’s latest SRP list on basic goods was released last January, which showed increases in SRPs of 73 shelf keeping units as costs of raw materials and packaging rose globally.

Basic goods with SRP adjustments in the latest bulletin include canned sardines, instant noodles, processed milk, bread, detergent soap, bottled water, processed canned meat and canned beef, toilet soap and battery.