The Department of Trade and Industry (DTI) on Wednesday issued a price freeze on basic necessities in areas under a state of calamity following the onset of Severe Tropical Storm Kristine.
As of 22 October 2024, Albay province and Magpet town in Cotabato are currently under this 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 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.
Every time a state of calamity is declared, Republic Act No. 7581, or the Price Act, as amended, 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.
This means the prices of basic necessities are frozen at their prevailing rates.
Aside from the DTI, other agencies are responsible for ensuring price stability and sufficient supply within their respective jurisdictions. The Department of Agriculture oversees prices and supply of rice, corn, cooking oil, marine products, fresh eggs, pork, beef, poultry meat, fresh vegetables, root crops, sugar, and fruits. The Department of Health monitors the prices of essential drugs.
Business establishments found violating the price freeze face penalties of imprisonment from one year to 10 years, or fines ranging from P5,000 to P1,000,000, 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.