Price freeze imposed in calamity areas

MANILA, Philippines - A price freeze on basic commodities has been imposed in areas placed under a state of calamity due to Typhoon Glenda, the Department of Trade and Industry (DTI) reported on Wednesday.

“For areas under state of calamity, the DTI regional or provincial (office) will implement price freeze and they will disseminate (information),” Trade Undersecretary Victorio Mario Dimagiba said in a text message.

Areas under a state of calamity are Albay, Camarines Sur and Cavite, provinces that were in the path of the storm.

Violators of the price freeze will be summoned by the DTI.

Those found selling above the prevailing prices could face fines of up to P1 million or imprisonment for a maximum of 10 years.

The price freeze covers basic necessities or goods vital to the needs of consumers for their sustenance and existence.

These goods include canned fish and other canned marine products, processed milk, coffee, laundry soap, detergent, candles, bread and salt.

The imposition of a price freeze means that goods covered should be sold at prevailing prices.

Trade Secretary Gregory Domingo said the price freeze would be in effect for 60 days unless lifted earlier.

Under the Price Act, an automatic price freeze is to be implemented in areas covered by a state of calamity.

With the imposition of a price freeze, the DTI will deploy teams to ensure that the goods covered are sold at prevailing prices.

Dimagiba said DTI’s teams will also be checking the price and supply situation of goods in areas which were not placed under state of calamity.

Sen. Paolo Benigno Aquino IV called on the DTI to ensure that the price of basic goods and commodities does not go up, especially in areas affected by Typhoon Glenda.

Aquino, chairman of the Senate committee on trade, commerce and entrepreneurship, warned that the prices of basic goods usually go up after calamities as some unscrupulous traders look to make a profit because of the huge demand for goods.

“We must ensure that there’s enough supply of basic goods and other commodities in areas severely damaged by the recent typhoon, especially in the Bicol region,” Aquino said.

According to Aquino, all local government units placed under a state of calamity are subject to a 60-day price freeze imposed by the DTI. The price freeze is provided for under Republic Act No. 7581 or the Price Act, in order to ensure that the price of goods remains stable until the state of calamity is lifted. – With Mayen Jaymalin, Marvin Sy, Cecille Suerte Felipe