THE Department of Trade and Industry (DTI) said that they are now studying "to what extent” the competition in the consumer products market will be affected with the suggested retail price in the Philippines.

In a statement, Trade Secretary Alfredo Pascual said that they are conducting a careful study involving the basic necessities and prime commodities (BNPCs).

Those are covered by the Price Act.

"I want to study to what extent competition in the consumer products market is happening in the Philippines, whether there's enough competition in the consumer products market, which might lead to a review of the SRPs (suggested retail prices) under the Price Act," he added.

The Price Act, tasks the DTI to issue SRPs on BNPCs.

It is to ensure that the retailers will not set the price of their goods beyond the recommended prices.

"When I first came in to DTI, my initial impulse is government should not be doing the SRP. DTI should just make sure, in collaboration with the Philippine Competition Commission, that there is competition in the market," Pascual said.

"SRP has negative effects as well. For example, I can see at a lower price, but the SRP allows me to sell at this price," he added.