Price freeze in storm-hit areas
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The Department of Trade and Industry (DTI) on Wednesday imposed a price freeze on necessities in areas under a state of calamity following the onslaught of tropical storm “Kristine.”
As of 22 October, Albay province and Magpet town in Cotabato were under the declaration due to widespread floods and landslides.
“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,” said DTI Secretary Cristina A. Roque.
“In close coordination with the Office of 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 violators, which may include administrative cases and fines,” Roque said.
Whenever a state of calamity is declared, Republic Act 7581, or the Price Act, mandates an automatic 60-day price freeze on products covered by the law, including canned fish, locally manufactured instant noodles, bottled water, bread, processed milk, coffee, candles, laundry soap, detergent and salt.
This means that these essential items will be priced at their current rates.
Aside from the DTI, other implementing agencies of the Price Act are responsible for ensuring price stability and sufficient supplies within their jurisdictions.
