Prices of canned sardines will increase by P0.50 to P0.60 on December, the Canned Sardines Association of the Philippines (CSAP) said on Wednesday.
CSAP President Marvin Lim said the five percent price increase on canned sardines would be due to the hike in the cost of raw materials, petroleum, and labor along with the depreciation of the Philippine peso.
Lim announced the impending price hike amid the appeal of the group Laban Konsyumer for the lowering of the prices of goods amid the series of rollbacks in the prices of oil products.
When sought for comment on this development, Regional Director Asteria Caberte of the Department of Trade and Industry in Central Visayas (DTI-7) said in an interview with Cebu Daily that they would continue to monitor the prices of basic goods including the prices of sardines.
“Sardines is very seasonal. Prices fluctuate,” said Caberte on the increase of the sardine prices.
She also cited the sardine manufacturers shoring up their inventories amid the December to February off fishing season.
“Demand for tamban (sardine) is high this time of the year as sardine manufacturers build up on inventories because December to February is off fishing season,” she said. /with Reporter Jose Santino S. Bunachita