FILINVEST, Makati City — Members of the Canned Sardines Association of the Philippines (CSAP) have opted to drop plans for a ₱3 price hike on their products, according to the Department of Trade and Industry (DTI).

The announcement came after trade secretary Maria Cristina Aldeguer-Roque met with local canned sardine manufactures, namely Chattrade, Mega Prime Foods Incorporated, PERMEX, Universal Canning Inc. and Century Pacific Food Inc. (CPFI) to discuss better options to steady market prices.

During the meeting, CSAP gave assurances that there would be no changes to the prices of their products in order to alleviate consumer concerns regarding the potential ₱3 price hike on the popular food item in most Filipino households.

“They committed to maintaining the current suggested retail price for canned sardines,” Secretary Roque disclosed.

Roque's meeting with CSAP was initiated in response to reports that the industry was considering a request to increase the suggested retail price (SRP) of a 155-gram can of sardines from ₱21 to ₱24.

Earlier this month, CSAP executive director Francisco Buencamino noted the increase in the price of imported tin sheets due to the weakening peso and this, Buencamino said, is causing higher production costs.

“We appreciate the industry’s commitment to the Filipino consumer, especially with the economic pressures families are facing today,” Roque remarked.

The trade chief clarified that its Fair Trade Group (FTG) has not yet received a formal petition for a price adjustment but efforts were initiated to proactively address the issue as stipulated under the amended Republic Act 7581, or the Price Act, the DTI monitors the prices of canned fish, which are classified as basic necessities.