CITY OF SAN FERNANDO The Department of Trade and Industry (DTI) in Central Luzon is keeping an eye on prices and the stability of supply of goods after Super Typhoon Karding battered the region last Sunday.
The agency deployed price monitoring teams from provincial offices to check prices of Basic Necessities and Prime Commodities or BNPCs.
DTI Regional Director Leonila T. Baluyut stated that monitoring showed that the prices and supply of BNPCs remain stable.
"After Typhoon Karding left a trail of devastation in the region, people are expected to flock markets and retail stores to stock up on food and other necessities. However, there are no reported instances of panic buying. Prices in all markets monitored are also within the suggested retail prices. Most of the establishments monitored have supplies that will last within two to three weeks. There is enough supply for everyone so there’s no need to be alarmed,” Baluyut said, adding that most of the provinces in the region reported minimal damages to business establishments with public markets doing business as usual with 80 percent to 95 percent of stalls operating.
Meanwhile, the report noted that a price freeze is now in effect in the entire province of Nueva Ecija after it was declared under a state of calamity.
The provincial government of Nueva ecija made the declaration due to the damages and destruction brought by the typhoon.
Initial reports from DTI – Nueva Ecija showed significant damages to the public markets in the towns of Jaen, Cabiao, San Isidro, and San Antonio.
All roads going in and out of the province are passable while electricity has yet to be restored in several areas.
Pursuant to Republic Act (RA) No. 7581 as amended by RA 10623 or the Price Act, a price freeze is automatically implemented when a state of emergency is declared.
This is in effect for 60 days for basic goods, and 15 days for household LPG and kerosene, from the date of declaration or until sooner lifted.
The DTI enjoined the retailers to comply with the price freeze while consumers are advised to be guided accordingly.
Under the law, penalties for violation against the price freeze include at least the imposition of fines of P5,000.00 up to P1,000,000.00 and/or imprisonment of one year up to 10 years.
In cases of unreasonable price increases and violations of the price freeze, consumers can reach DTI’s consumer hotlines (1-DTI / 1-384), or email at ConsumerCare@dti.gov.ph or visit their nearest DTI Provincial Office.