Canned sardine manufacturers hold off P3 price hike

Canned sardine manufacturers have decided not to push through with a proposed P3 price increase on their products, the Department of Trade and Industry (DTI) announced, providing relief to consumers amid rising living costs.

The decision followed a meeting between Trade Secretary Maria Cristina Aldeguer-Roque and members of the Canned Sardines Association of the Philippines (CSAP), which includes major industry players such as Chattrade, Mega Prime Foods Incorporated, PERMEX, Universal Canning Inc., and Century Pacific Food Inc. (CPFI).

During the discussion, CSAP assured the trade chief that prices would remain unchanged despite earlier reports of a possible hike in the suggested retail price (SRP) of a 155-gram can of sardines, from P21 to P24.

“They committed to maintaining the current suggested retail price for canned sardines,” Secretary Roque disclosed.

The meeting was prompted by mounting concerns over production cost increases, particularly due to the rising prices of imported tin sheets caused by the weakening peso. Earlier this month, CSAP executive director Francisco Buencamino flagged these developments as a factor putting pressure on the industry.

“We appreciate the industry’s commitment to the Filipino consumer, especially with the economic pressures families are facing today,” Roque remarked.

While no formal petition for a price hike has been filed with the DTI’s Fair Trade Group (FTG), the agency acted swiftly to engage the sardine manufacturers. Under the amended Republic Act 7581 or the Price Act, the DTI monitors the prices of canned fish products, which are considered basic necessities. TRACY CABRERA