DTI imposes price freeze in Albay and Magpet in Cotabato
2024-Oct-24 12:00
FORCED EVACUATION. Residents in Barangay Nagas in Tiwi, Albay province evacuate as torrential rain caused by Tropical Storm Kristine flooded the area on Tuesday (Oct. 22, 2024). A price freeze is now in place in Albay following the declaration of a state of calamity. (PNA/LGU-Tiwi)
MANILA – The Department of Trade and Industry (DTI) said a price freeze on basic necessities is now in place in Albay province and Magpet in Cotabato after the declaration of a state of calamity due to widespread floods and landslides.
In a statement on Wednesday, the DTI-Consumer Protection Group reminded the public that when a state of calamity is declared, 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.
Other implementing agencies of the Price Act are responsible for ensuring price stability and sufficient supply within their respective jurisdiction.
The DTI said that for instance, 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.
The Department of Health, meanwhile, 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 P5,000 to P1 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," DTI Secretary Cristina 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. (PNA)