To enhance MSMEs’ competitiveness around setting prices considering the costs of the goods and services in the new normal, the Department of Trade and Industry Region 2 in partnership with the Philippine Trade Training Center (PTTC), conducted a webinar on Costing and Pricing for Food and Non-Food Sector, via Zoom on 12-13 August 2021.
This was also in connection with the recently conducted webinar on effective negotiation skills which equipped MSMEs the proper interventions in attaining their marketing objectives as borderless trade is becoming the new norm.
DTI Regional Director Leah Pulido Ocampo emphasized the need for MSMEs to upskill and be competitive in the new normal by acquiring the right skills and understanding on pricing and costing of products. She also highlighted the new factors and considerations in the market as consumer’s preference in buying needs has shifted from brick and mortar stores to buying online.
“The pandemic has brought a lot of changes in logistics and marketing requirements of products. We are looking at the requirements for health protocols and health kits which added to our expenses, and the new business models which require bigger responsibility with the new factors we need to consider in costing out our productions”, Dir. Ocampo said.
On the other hand, Ms. Celeste R. Peralta, PTTC Consultant, and General Manager/Owner of Design Link Asia Sourcing Inc. explained the concept of pricing and costing for the food and non-food sector. She presented the different strategies in setting the right prices including the elements and classification of costs, cost factors in export, the factors affecting price, and establishing financial goals.
In his closing message, Mr. Michael Paggabao, Asst. Division Chief of DTI-SME Development Divison highlighted the initiatives of the agency in widening market opportunities both domestic and international as stiff competition emerges due to the growing number of businesses. He also mentioned the Buy Local initiative of DTI R2 which institutionalizes the prioritization of local products in government procurement.
“DTI and other agencies have been partnering with large institutional buyers and big players in other regions and through this webinar, we want MSMEs to be competitive and be prepared to negotiate and network with big players in the market including the government as one of the additional markets.” Mr. Paggabao remarked.
The activity was participated by the food and non-food sector MSMEs of Cagayan Valley with a total of 161 attendees.