CITY OF SAN FERNANDO -- The Department of Trade and Industry (DTI) on Wednesday, July 25, 2018, announced that prices of basic goods and prime commodities in areas in Central Luzon under a state of calamity have been “frozen” pursuant to Republic Act 7581 or the Price Act.
The DTI, in a statement to SunStar Pampanga, noted that under the law, prices of basic goods and commodities are frozen, or held at prevailing prices automatically, once an area is placed under a state of calamity.
In Central Luzon, the whole province of Bataan, Masantol in Pampanga, Licab in Nueva Ecija, Paombong in Bulacan and La Paz in Tarlac have been placed under a state of calamity after typhoons and monsoon rains battered the region recently.
Under the Price Act, the prices of basic goods in these areas shall be held at the average price of goods being sold for the month. The price freeze is effective for a minimum of 60 days, unless revoked by the President.
The DTI also reminded establishments not to resort to overpricing and illegal price manipulation of basic goods and prime commodities.
The DTI stressed that business establishments which violate the Price Act under Section 5, or Illegal Price Manipulation, are punishable by imprisonment of not less than five to 15 years and fines of not less than P5,000 to P2-million, depending on the gravity of the offense.
Illegal price manipulation may consist of hoarding, profiteering and cartel.
In cases of emergency or exigency, the President, upon the recommendation of the Price Coordinating Council, may also impose a mandated price ceiling to avert any overpricing of goods.
The DTI also reminded consumers not to resort to panic buying, so as not to distort the supply of goods in their respective localities.
The DTI said it is continuously monitoring the supply and prices of basic goods in major public markets, groceries and supermarkets in Central Luzon.