MANILA - The Department of Trade and Industry said it will no longer approve any price hikes on several basic goods like some brands of sardines, instant noodles, Pinoy tasty and Pinoy pandesal this year.

The DTI also said it is in the final stages of consultations with stakeholders on its plan to do away with the suggested retail price or SRP scheme which has been in existence for decades.

Under the SRP scheme, around 217 shelf-keeping units or SKUs have SRPs that the manufacturers set and the government approves.

According to former DTI Usec. Ruth Castelo, the SRP has been the protection of the masses as it prevents manufacturers from jacking up prices. However, the DTI favors scrapping the SRP scheme and replacing it with a price range guide for consumers.

A number of sardine makers and bread producers agree with the DTI's plan to remove the SRP and let market forces and competition work. Canned Sardine Association executive director Francisco Buencamino said consumers will still have a choice depending on their budget.

Asosasyon ng Panaderong Pinoy President Chito Chavez also downplayed the possibility of soaring pinoy tasty and pinoy pandesal prices as competition will definitely bring prices at reasonable rates.

Meanwhile, some consumers applaud the statement of the DTI that it will no longer approve price hikes for some goods. Sardine manufacturers however said it was unfair since they have been asking for an adjustment for two years now.

Breadmakers meanwhile also welcomed DTI's move to pause price adjustments but asked for understanding from the public as bakers will likely compensate for the losses by increasing the price of unregulated products like cakes and other pastries that are not considered basic or prime commodities.