MANILA: A price freeze has been implemented on essential goods in the provinces of Albay and Magpet in Cotabato, following a state of calamity declaration due to severe floods and landslides, the Department of Trade and Industry (DTI) announced.
According to Philippines News Agency, the DTI-Consumer Protection Group emphasized that the Price Act mandates a 60-day automatic price freeze on basic necessities when a state of calamity is declared. This includes items such as canned fish, instant noodles, bottled water, bread, processed milk, coffee, candles, laundry soap, detergent, and salt. The Act assigns various government bodies with the responsibility of maintaining price stability and sufficient supply within their jurisdictions.
The Department of Agriculture is tasked with overseeing the prices and supply of staple food items, including rice, corn, cooking oil, marine products, eggs, meats, fresh vegetables, sugar, and fruits. Concurrently, the Department of Health is accountable for monitoring the pric
es of essential drugs.
The DTI has issued a stern warning to businesses, stating that violations of the price freeze may result in imprisonment for up to 10 years or fines ranging from PHP5,000 to PHP1 million, or both, depending on the court’s discretion. The price freeze will remain until its designated end date unless lifted earlier by the President.
DTI Secretary Cristina Roque, under the Marcos Jr. administration, expressed the department’s commitment to consumer protection during these challenging times. She highlighted the active monitoring of prices and supply levels in the affected areas by DTI’s regional and provincial offices. Roque also assured that in collaboration with the Office of the Civil Defense, the DTI is prepared to enforce the automatic price freeze and will take strong action against any violations, including administrative cases and fines.