Effective September 17, the Suggested Retail Prices (SRPs) of candles with the brand “Liwanag”, will increase by 2.06% to 2.42% due to the increasing cost of paraffin wax – a major raw material used in the manufacture of candles.
Affected by this price adjustment is the Esperma variety of Liwanag candles specifically #03, #05, #16, #18, and #24.
“According to the data collected and records maintained by the Department of Trade and Industry (DTI), the cost of paraffin wax has been steadily increasing in the past three years. The price of said raw material increased from P88.20 to P94.60 within 2011 to 2014. Due to this, the Department approved the increase in SRP of Liwanag candles”, DTI-Consumer Protection Group (CPG) Undersecretary Victorio Mario A. Dimagiba said.
“Given that the price adjustment only takes effect by 17 September 2014, retailers are reminded to abide by the current SRPs for candles until such time that the new approved SRPs are in effect.
Consumers, on the other hand, are forewarned from buying overpriced candles and encouraged to report this to the DTI”, Dimagiba added.
Pursuant to Republic Act No. 7581 or the Price Act, penalties for illegal price manipulation such as profiteering include: imprisonment of five (5) up to 15 years and administrative fine of P5,000.00 up to P1,000,000.00.
Historically, prices of candles have been stable since 2011. This is the first time, in three years, that the DTI approved the increases on the SRPs for candles.
As the November 2 holiday is fast approaching, the DTI advises consumers to do an early “All Souls Day” shopping for candles to be able to purchase these at lower prices.
Candles are among the products categorized under basic necessities as stipulated in the Price Act. The DTI is the agency that has jurisdiction over the pricing of said product along with other non-agricultural basic goods such as: canned fish and other marine products, processed milk, coffee, laundry bar, candles, bread, salt, instant noodles and bottled water.
As for non-agricultural prime commodities, these are: flour, canned pork, chicken and beef, vinegar, fish sauce, soy sauce, bath soap, paper, school supplies, cement, clinker, GI sheets, hollow blocks, construction materials, batteries, electrical supplies, light bulbs and steel wires.
To get the latest copy of the SRP list of non-agricultural basic necessities and prime commodities, visit the DTI website www.dti.gov.ph. To report retailers that sell above the SRPs, contact DTI Direct 751.3330 or 0917.8343330. / DTI Advisory