CITY OF SAN FERNANDO -- The Department of Trade and Industry in Central Luzon (DTI) reminded grocery and supermarket owners of the ongoing price freeze in the region.
DTI Regional Director Judith Angeles said basic necessities are under automatic price control or price freeze because of the declaration of a state of calamity in the whole of the Luzon island group under President Rodrigo Duterte's Proclamation 1051.
The said proclamation was signed on November 18, 2020 and shall be effective for a period of 60 days, unless revoked by the President.
Under the Price Act or Republic Act No. 7581, a price freeze is automatically imposed on the price of basic necessities when there is a declaration of a state of calamity, emergency or similar situation in an area of the country.
Products covered by the price freeze include those that are vital to the needs of consumers for their sustenance and existence such as rice, corn, root crops, bread, meat, water, eggs, among others.
Angeles warned those who will be found to artificially raise the prices of goods of the penalties under the Price Act.
Penalties on illegal price manipulation such as hoarding, profiteering and cartel range from P5,000 to P2-million depending on the gravity of the offense.