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Most prices of canned sardines to go up on higher cost of tin

Prices of most canned sardines are going up as global prices of tin, a major price component of canned products, have increased.

Seven out of the nine brands of canned sardines are going up by 50 centavos per can, while a corned beef brand is also expected to have a 55-centavo price increase, Trade and Industry Secretary Ramon Lopez said.

“Ininform kami kanina na may mga 50 centimos na pagtaas sa ibang de lata, but that’s within the range. Ang increase nila hindi dahil sa TRAIN kundi dahil sa global price ng lata, ng tin plates,” said Lopez.

TRAIN is the Tax Reform for Acceleration and Inclusion, which was signed into law by President Rodrigo Duterte in December 2017. The law took effect in January 2018, lowering the personal income tax rates, while raising the excise tax rates on petroleum products and sugar-sweetened beverages.

Lopez noted manufacturers were able to keep the increase to a minimum. “Ang request nila dati one to two pesos. So far we are trying to convince them to lower it. So ‘yun mga naaprove na, 50 centavos ang increase.”

The recent spike in local pump prices of petroleum products is also expected to impact on prices of basic goods and prime commodities, but the Department of Trade and Industry (DTI) is still studying the matter.

Manufacturers and suppliers must first inform the department of any price increase before they can pass on the cost to consumers.

“They will have to inform DTI para sa amin naman macompute natin at mabalikan natin sila ano ‘yung dapat na increase, given the change in cost,” Lopez said. —VDS, GMA News

SOURCE:  http://www.gmanetwork.com/news/money/economy/654786/most-prices-of-canned-sardines-to-go-up-on-higher-cost-of-tin/story/?just_in

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