DTI: PRICE FREEZE IN AREAS UNDER STATE OF CALAMITY

The Department of Trade and Industry (DTI) has imposed a price freeze on basic necessities in areas placed under a state of calamity amid the devastation caused by Severe Tropical Storm Kristine.

The province of Albay and the town of Magpet in Cotabato Province have been put under a state of calamity due to widespread floods and landslides as of October 22. Other flood-ravaged areas have yet to declare a state of calamity

A price freeze on basic goods has been imposed in areas placed under a state of calamity due to Severe Tropical Storm Kristine according to DTI (Photo courtesy of Bloomberg/DZRH)

According to DTI Secretary Cristina Roque, the agency is now monitoring prices and supply levels of products "in all affected areas.” 

When a state of calamity is declared, Republic Act 7581 or the Price Act mandates a 60-day automatic price freeze on products such as canned fish, locally manufactured instant noodles, bottled water, bread, processed milk, coffee, candles, laundry soap, detergent, and salt.

The Department of Agriculture oversees the prices and supply of 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.

Meanwhile, the Department of Health is responsible for monitoring the prices of essential drugs.

The DTI warned that business establishments that will violate the price freeze will face a penalty of imprisonment for a period of one year to 10 years, or a fine ranging from PHP5,000 to PHP1 million or both, at the discretion of the court. The price freeze will remain in effect until its designated end date unless lifted sooner by the President.

“The DTI under the Marcos Jr. administration is committed to protecting consumers during this challenging time. Our on-the-ground regional and provincial offices actively monitor prices and supply levels of products within our jurisdiction in all affected areas,” Roque said in a statement.

“In close coordination with the Office of the Civil Defense, we are prepared to enforce the automatic price freeze that accompanies any state of calamity declaration. The DTI will take strong action against any violations, which may include administrative cases and fines,” she added.

The DTI are in close coordination with the Office of the Civil Defense, they are prepared to enforce the automatic price freeze that accompanies any state of calamity declaration. The DTI will take strong action against any violations, which may include administrative cases and fines.

Source: ABS-CBN News 

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