October 23, 2024 | 5:13pm
MANILA, Philippines — The Department of Trade and Industry (DTI) has enforced a price freeze on basic necessities in areas under state of calamity due to the effects of Severe Tropical Storm “Kristine” (International name: Trami).
As of Tuesday, October 22, Albay province and Magpet Town in Cotabato are currently under a state of calamity due to inclement weather which resulted in widespread floods and landslides, according to the DTI.
The automatic price freeze is enforced under Republic Act 7581 or the Price Act, which mandates a 60-day freeze on basic goods such as canned fish, instant noodles, bottled water, bread, processed milk, coffee and laundry soap.
This law is activated after state of calamity is declared, ensuring that prices for essential goods remain stable.
The price freeze will remain in place for 60 days unless lifted sooner by the President.
Businesses found violating the price freeze face severe penalties, including imprisonment of up to ten years or fines ranging from P5000 to P1 million.
Trade Secretary Cristina Roque said that the regional and provincial offices of the DTI are closely monitoring prices and supply levels of products in affected areas.
“In close coordination with the Office of the Civil Defense, we are prepared to enforce the automatic price freeze that accompanies any state of calamity declaration. The DTI will take strong action against any violations, which may include administrative cases and fines,” Roque said.
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