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Sardine manufacturers to raise prices after fuel price hike

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MANILA, PHILIPPINES — Philippine sardine manufacturers to call for a price increase to offset an inevitable rise in production costs, as Russia’s invasion of Ukraine continues to wreak global economic havoc and cause a spike in fuel prices.

The Canned Sardines Association of the Philippines (CSAP) has urged the Department of Trade and Industry (DTI) to raise the suggested retail prices for sardine products in order to avoid what they call a repeat of huge losses during the height of the COVID-19 pandemic when canned sardine prices were not adjusted.

On Friday, March 11, CSAP Executive Director Francisco Buencamino issued a statement, “We understand that the DTI needs to do a balancing act for both the manufacturers and the consumers. However, we are concerned that another round of fuel price hikes would drive up production costs by 3.5 percent.”

Canned sardines are one of the most affordable canned products on the market in the Philippines, and they are a common component of disaster relief supplies.

When there are no qualifying conditions to impose a prevailing price, the DTI’s approval of suggested retail prices (SRPs) “appears to be an act of price control,” according to the CSAP.

According tto Buencamino, there is no provision in the Price Act requiring retailers to wait for the agency’s prior approval before implementing any price increase.

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