DTI Lifts Price Freeze On Basic Necessities
The nationwide price freeze on basic necessities expired on July 9, with this Manufacturers, retailers, distributors, and consumers that supply basic necessities can now sell their products at their suggested retail prices (SRPs) based on the September 2019 list, according to DTI on Tuesday.
Following Proclamation No. 1143, prices of basic necessities were placed under automatic price control or automatically frozen at their prevailing prices due to the outbreak of African Swine Fever. The price freeze lasted 60 days, which began on May 10 and ended on July 9.
Despite the lifting of the price freeze, the DTI assures the consuming public of continuing and constant communication with the manufacturers and retailers of these goods to ensure that their prices are reasonable and that supply is stable and available in the market.
DTI also noted that its Fair Trade Enforcement Bureau (FTEB) and its regional and provincial offices will continue their intensified monitoring and enforcement activities in their respective areas to determine the compliance of establishments with the provisions of Republic Act (RA) No. 7581 or the Price Act, as amended by RA 10623 “An Act Amending Certain Provisions of Republic Act No. 7581, entitled “An Act Providing Protection To Consumers By Stabilizing The Prices Of Basic Necessities And Prime Commodities And By Prescribing Measures Against Undue Price Increases During Emergency Situations And Like Occasions And For Other Purposes.
The products under basic necessities according to DTI are as follows:
- Canned sardines in tomato sauce
- Luncheon meat
- Meatloaf
- Beef loaf
- Corned beef
- Processed milk
- Coffee
- Bread
- Locally manufactured instant noodles
- Salt
- Detergent soap/laundry soap
- Toilet soap
- Bottled water
- Candle, and condiments such as vinegar, soy sauce, and fish sauce.
The SRP list for the said products is available on the DTI’s website for the information and guidance of retailers, distributors, and consumers nationwide. They reminded businesses to follow the latest SRPs of basic necessities and prime commodities and warned against any acts of illegal price manipulation such as hoarding, profiteering, and cartels.
Should an establishment be found violating the Price Act by overpricing or price manipulation, they shall suffer the penalty of imprisonment for not less than five years nor more than 15 years, and shall be fined not less than ₱5,000 nor more than ₱2 million.
[Source]
Leave your comment