THE Department of Trade and Industry (DTI) will introduce a new component in the suggested retail price (SRP) bulletin indicating unit cost.
Trade Assistant Secretary Amanda Nograles said the new strategy was part of the department's heightened efforts to address "shrinkflation."
"The DTI is addressing consumers' concerns regarding shrinkflation. Our strategy involves introducing a new feature in the SRP bulletin, which will include a third column indicating unit cost," she said in a press briefing on Friday.
Nograles explained that the prices of some products are sometimes not easy to compare because the grams and milliliters are different. "Now we will require indicating the unit cost. So with just one look, you can see which one is cheaper; it just depends on the brand."
The DTI will also fastrack the launch of its artificial intelligence (AI)-powered ePresyo application and its new features to guide consumers. Nograles said it would lessen the consumers' dependency on the SRP bulletin.
The ePresyo app works like a crowd-sourcing tool, where manufacturers, retailers and consumers can input the prices of products. And through AI, the app can indicate the cheapest location where the consumers can source a product.
"So, when you open the app, you'll see the prices within a 10-meter radius; these are the prices of goods. Within a 20-kilometer radius, these are the prices of goods. So, that will be the basis for our consumers when they purchase products," said Nograles.
On the other hand, Nograles said the department was also assessing how it could address manufacturers' concerns regarding the prevailing price freeze. She added that there have been many declarations of price freezes lately because of the pertussis outbreak and El Niño weather disturbance.
The DTI official said that they were updating the price freeze bulletin and also had a discussion with manufacturers who raised concerns about determining the prevailing price.
In line with this, the department launched last week a dialogue series called "Kapihan," aiming to strengthen collaboration with the DTI's stakeholders and address and discuss pressing industry topics concerning consumers.
Nograles said the dialogue series would provide a valuable opportunity for industry stakeholders to come together, exchange insights and work toward a common goal of ensuring the availability of goods at reasonable prices.
"By fostering collaboration and addressing key issues, we aim to promote a level playing field that benefits both businesses and consumers," Nograles said.
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