Consumers can still find cheaper products in the market despite a hike on the suggested retail price (SRP) of some basic goods, the Department of Trade and Industry (DTI) said on Tuesday.
The DTI indicated there are companies that did not follow the higher SRP for their merchandizes for fear of turning off consumers. “Business principle dictates that companies do not necessarily increase their prices easily as they are also afraid of losing loyal customers to competition,” Trade Secretary Ramon Lopez said.
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