THE Department of Trade and Industry said the law allows the agency to set suggested retail prices.
The trade department, in a news statement, emphasized to the public that the manufacturers, distributors, and retailers themselves set and submit the suggested retail price of their products. Moreover, the agency requires the submission of supporting documents pursuant to Department Administrative Order No 17-09, or the Guidelines on the Implementation of SRP of the BNPC under the Jurisdiction of DTI.
However, the trade department noted that it also takes into account relevant market factors in adjusting the suggested retail prices to avoid profiteering. The outgoing trade chief pointed out “any drastic deviation from the SRP is against public policy.” In addition, Lopez said, manufacturers/producers are not allowed to abandon their representations and submissions.
Source: News Formal (newsformal.com)