Business and Economy
Manufacturers urged to slash canned goods prices
Other canned goods considered as basic necessities and prime commodities include condensed and evaporated milk, luncheon meat, meatloaf, and beef loaf. (File photo: _bekahhogue/Flickr, CC BY 2.0)
MANILA – Laban Konsyumer, Inc. (LKI) has urged canned goods manufacturers to lower the prices of their products as world oil prices continue to stumble.
During the virtual presser of Tapatan sa Aristocrat on Wednesday, LKI President Victorio Mario Dimagiba said they should implement at least a 5-percent price cut on their canned goods products.
“Five percent at the minimum, but let the manufacturers decide if they can do it higher,” said Dimagiba, who is also the former undersecretary of the Department of Trade and Industry-Consumer Protection Group.
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Federation of Filipino-Chinese Chamber of Commerce Henry Lim Bon Liong also agreed that manufacturers should look into lowering prices of canned goods amid the falling crude prices in the world market.
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As of this writing, World Texas Intermediate crude is trading at USD12.67 per barrel while Brent crude at USD18.63 per barrel.
Data from the DTI show that suggested retail prices (SRPs) of 155-gram canned sardines range from PHP13.25 to PHP17.25.
SRP of 150-gram corned beef is between PHP18.50 and PHP32, while for 170-gram ranges between PHP29 to PHP37.
Other canned goods considered as basic necessities and prime commodities include condensed and evaporated milk, luncheon meat, meatloaf, and beef loaf.
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