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Saturday, February 25, 2006
Traders warned v. jacking up prices
By Nelson C. Bagaforo
THE regional office of the Department of Trade and Industry Friday warned unscrupulous traders who would take advantage by raising prices of basic goods and commodities following President Gloria Macapagal-Arroyo's order placing the country in state of emergency.
"In a situation like this, we cannot deny the fact that unwarranted price escalations might happen," said a DTI advisory relayed to news organizations in the city Friday afternoon.
The agency advised consumers to report any unjustified increase through its hotline 224-05-11, which is open 24 hours, Monday to Friday.
DTI also said it further intensified its price monitoring following the declaration of state of emergency, adding this might be used as a reason for unscrupulous traders to jack up their prices.
Arroyo invoked the emergency rule in the country Friday after the military said it foiled a coup attempt, driving down the peso and stocks.
Talk of plots against Arroyo, who survived a crisis last year over allegations of vote-rigging and corruption, has been running high with the anniversary of a "people power" revolt that toppled dictator Ferdinand Marcos in 1986.
"I have declared a state of emergency," Arroyo said in a taped address on television and radio, adding she had authorized the military and police "to take the necessary measures."
In her official proclamation, Arroyo described a "systematic conspiracy" by members of the opposition, communist groups and military adventurists to bring down her government.
Executive orders do not require approval by Congress. Emergency rule, which allows arrests without warrants and an extension of detention without charge, is a very sensitive issue in the country after nine years of martial law under Marcos.
The peso weakened as far as P52.10 to the dollar on Arroyo's announcement from its close on Thursday at P51.66.
For Bisaya stories from Davao. Click here. (February 25, 2006 issue)
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