Candle Prices to Remain Stable Ahead of Philippine 'Undas' Holiday, DTI Says
Key Takeaways
- •The Department of Trade and Industry expects candle prices to stay stable despite a seasonal in demand ahead of All Saints' Day on Nov. 1 and All Souls' Day on Nov. 2.
- •Trade Secretary Maria Cristina A. Roque said no price increases have so far been recorded for basic necessities and prime commodities, including candles.
- •As of Monday, no manufacturers had formally filed a request with the DTI to raise prices, which is the required first step for any adjustment in this product category.
- •Undas traditions rooted in the Philippines' predominantly Catholic heritage drive a spike in candle demand as families light candles during cemetery visits to honor deceased loved ones.
- •Candles are among the 204 stock-keeping units of basic necessities and prime commodities that the DTI monitors and controls.
Candle prices in the Philippines are expected to remain stable despite a seasonal rise in demand ahead of All Saints' Day on Nov. 1 and All Souls' Day on Nov. 2, locally known as "Undas," Department of Trade and Industry (DTI) said.
"So far, for BNPCs (basic necessities and prime commodities), there is no price increase," Trade Secretary Maria Cristina A. Roque told reporters on the sidelines of the SGV Tax Symposium on Monday.
She said the DTI has been monitoring the prices of Undas staples, including candle products, ahead of one of the country's most widely observed holidays. Filipino families traditionally visit cemeteries during Undas to pay their respects to deceased loved ones, lighting candles and offering flowers and prayers — a practice rooted in the Philippines' predominantly Catholic heritage that drives a seasonal spike in candle demand.
"We haven't received any letter yet [from BNPC manufacturers] requesting [to raise,] so for now, there's no price increase," Ms. Roque said.
Her comments also outline how pricing moves for goods in this category: adjustments begin with manufacturers formally filing a request with the DTI, and none had been received as of Monday. For households preparing for the two-day observance, that means the candles used in cemetery visits remain at current prices so far.
With no formal price-increase requests filed by manufacturers so far, demand for candle products is nonetheless expected to rise during this year's observance of Undas.
Candles are among the 204 stock-keeping units (SKUs) of basic necessities and prime commodities monitored and controlled by the DTI. Other SKUs on the list include canned goods, milk, bread, noodles, salt, bottled water, detergent soap, laundry soap, batteries, and condiments. Because candles sit on that list, any movement before Nov. 1 would surface through the same channel Ms. Roque described: a manufacturer's formal request to the agency.
This article was originally reported by Beatriz Marie D. Cruz for BusinessWorld.
