Business and Economy
DTI reminds retailers in Central Luzon of price freeze
Under proclamation 1051, the state of calamity will remain in effect for 60 days, unless revoked by the Chief Executive. (Photo by shankar s./Flickr, CC BY 2.0)
CITY OF SAN FERNANDO, Pampanga – The Department of Trade and Industry (DTI) Regional Office III has reminded sellers of basic necessities of the price freeze following the declaration of a state of calamity in the entire Luzon by President Rodrigo Duterte due to the onslaught of Typhoon Ulysses.
Under proclamation 1051, the state of calamity will remain in effect for 60 days, unless revoked by the Chief Executive.
DTI Regional Director Judith P. Angeles said in a statement on Monday that concerned citizens can call the Consumer Hotline of DTI – 1-384 to report any violation of the Price Act.
Under the Price Act or Republic Act No. 7581, a price freeze is automatically imposed on the price of basic necessities when there is a declaration of a state of calamity, emergency or similar situation in an area of the country.
Angeles said the DTI is regularly monitoring the prices of basic necessities and prime commodities to be able to document the prevailing prices, which are the basis for determining whether there is illegal price manipulation.
The DTI said it is tasked to monitor the prices of basic goods such as canned fish and other marine products, locally manufactured instant noodles, bottled water, bread, processed milk, coffee, candles, laundry soap, detergent, and salt.
Meanwhile, the prices of goods such as rice, corn, cooking oil, fresh, dried, and other marine products, fresh eggs, fresh pork, beef and poultry meat, fresh milk, fresh vegetables, root crops, sugar, and fresh fruits fall under the purview of the Department of Agriculture (DA) and the listed essential drugs and medical supplies or essentials under the Department of Health (DOH).
Angeles said that those found to be artificially raising the prices of goods shall be penalized under the Price Act.
Penalties for illegal price manipulation such as hoarding, profiteering and cartel range from PHP5,000 to PHP2 million depending on the gravity of the offense.
