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DTI cuts bureaucratic red tape on SRP setting
DTI cuts bureaucratic red tape on SRP setting MAKATI—Department of Trade and Industry (DTI) Secretary Ramon Lopez recently (5 April) convened the National Price Coordinating Council (NPCC) to closely evaluate the price and supply situation of basic necessities and prime commodities during the first quarter of this year. During the meeting, DTI discussed its stand to deregulate the setting of Suggested Retail Prices (SRP) on certain commodities to reduce bureaucratic red tape in the system, while it continues to closely monitor the movement of prices of products and ensure fair trade in the market. DTI clarified that there will still be SRPs on manufactured products but it can be set by the companies themselves for guidance of the supermarkets and consumers. These SRPs will still be closely monitored by DTI. “We can let the companies set the SRPs because products with competitive market players and several brands, both locally produced and imported, have their ‘self-correcting mechanism’ on their prices,” said Sec. Lopez. “In fact, prices of brands and commodities that do not pass the approval system of DTI before remained stable and some are even declining because of competition” he added. Sec. Lopez believes that liberalizing price setting would help spur competition among industries and would further improve their product quality. “DTI would prioritize the protection of the consumers by ensuring that industries have a competitive business environment that allows entry of brands and players in the market and give the consumers the widest range of choice,” the trade chief said. “We will continue to closely monitor the prices of basic goods, and will have the oversight function to... read morePH to push ASEAN’s bid to engage Japan on innovation and MSME inclusivity—Lopez
As the Philippines chairs the ASEAN Economic Ministers’ Meeting (AEM) and Related Meetings for this year, Department of Trade and Industry (DTI) Secretary Ramon Lopez is determined to advance ASEAN’s objective to engage Japan on innovation and inclusivity of micro, small and medium enterprises (MSMEs), during the AEM Roadshow to Japan from 6 to 8 April 2017. ASEAN economic ministers will also call on Japan’s top leaders and government officials in a consistent bid to strengthen bilateral relations between ASEAN and Japan. The AEM Roadshow will include site visits to some Japanese companies in Tokyo, Kyoto, Osaka, and Wakayama. “ASEAN is keen to engage with Japan on the theme of innovation and on how this can strengthen not only industries but MSMEs,” said Sec. Lopez, chair of AEM, whose domestic advocacy on developing MSMEs through innovation aligns with ASEAN’s intention. The ASEAN delegation with ASEAN Secretary-General Le Luong Minh is set to meet Japanese Prime Minister Shinzo Abe and Minister Hiroshige Seko of the Ministry of Economy, Trade and Industry (METI), as well as some public officials. “Given Japan’s stature as one of ASEAN’s worthy trading partners and the continually growing trade between the two, we cannot stress enough the importance of this Roadshow in further strengthening relations between ASEAN and Japan,” he added. The trade chief also noted that during the first Roadshow in 2016, ASEAN economic ministers were impressed at what they witnessed in the showcase of Japanese resilience and human resource development. Likewise, the ASEAN Member States (AMS) gained a deeper understanding of the importance of regional efforts on disaster resiliency, according to him. “Japan is... read more