Monday, February 12, 2007
DTI warns retailers vs price manipulation
DEPARTMENT of Trade and Industry (DTI) Davao City director Lou Pasawa warned retailers of stiff penalties if they fail to put price tags on prime commodities in violation of Republic Act 7581 or the Price Act.
Retailers are also prohibited from increasing prices of old stocks to the level of the new ones.
He said those caught will be penalized an additional P1,000 for each continuing violation.
Under the Price Act, the penalty for price manipulation is from P500 to P300,000 depending on the gravity of the offense.
Pasawa said the DTI City Field Office is constantly monitoring prices and supplies of prime commodities to keep stable.
Under RA 7581, it is unlawful for any person engaged in the production, distribution or sale of goods to engage in hoarding, profiteering, and cartel.
Hoarding is the accumulation of basic commodities beyond normal inventory levels or refusal to dispose of or selling the stocks of any basic necessity to the general public.
Profiteering is the sale of a basic necessity at a price grossly in excess of its true worth.
Cartel is the combination of agreement between two or more persons engaged in the production or storage of prime commodities designed to artificially and unreasonably increases or manipulates its price.
At present, DTI City Field Office has not yet encounter violators of RA 7581. "But we are constantly monitoring prices or spiraling of prices of all prime necessities and constantly conducts consultation with the business sector," Pasawa said.
For more Philippine news, visit Sun.Star Pampanga. For Bisaya stories from Davao. Click here. (February 12, 2007 issue)
Write letter to the editor.Click here.
Join the Sun.Star message board.Click here. |
