LAPU-LAPU CITY, Philippines — The Department of Trade and Industry in Central Visayas (DTI-7) has informed the public that the agency has already issued a price freeze on basic necessities under its jurisdiction following the declaration of a state of calamity in typhoon hit areas in the Visayas and Mindanao.
DTI warned retailers not to take advantage of the situation.
Violators on the price freeze shall be charged and penalized with criminal and/ or administrative penalties for violations committed under the Price Act and existing rules and regulations.
Those, who would violate the prize freeze shall pay the fines, of not less than P1,000 or more than P1 million for violation of the Automatic Price Control or Mandated Price Ceiling.
For illegal price manipulation, a fine of not less than P5,000 or more than P2,000,000 shall be imposed against the violator.
Among the commodities that are categorized as basic necessities and monitored by the DTI are bread, canned fish and marine products, potable water in bottles and containers , processed milk , locally manufactured instant noodles, coffee, salt, laundry soap, detergent , candles, flour processed and canned pork, processed and canned beef and poultry meat, vinegar, patis, soy sauce, toilet soap , paper, school supplies, cement, clinker, G.I. Sheets, hollow blocks, construction nails , batteries, electrical supplies, light bulbs, and steel wires.
Retailers are mandated to adhere to the suggested retail price (SRP) issued by the agency.
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