Villar warns retailers on SRPs
MANILA, Philippines – Las Piñas Rep. Mark Villar urged supermarkets, grocery stores, wet markets, and general merchandise stores to consistently comply with the specified suggested retail prices (SRPs) for basic commodities.
Villar, who chairs the House committee on trade and industry, cited Republic Act 7581 or the Price Act which mandates SRPs for products classified under basic necessities and prime commodities.
“Retailers are required by law to conform to the current SRPs. The new year must not be seen as an opportunity to rip off or defraud our consumers,” he said.
“The law is serious in ensuring that the rights of our consumers are protected. Stiff penalties await the violators.”
SRPs are issued by manufacturers to retailers to ensure market share and fair competition in the market. Production cost, distribution cost, and profit margins of retailers and distributors are factored in.
Upon evaluation, if a retailer is found executing illegal acts of price manipulation such as profiteering, which is a violation of the Price Act, they shall face an administrative fine of up to P1 million subject to the circumstances provided after due notice and hearing.
They can also be criminally liable for illegal price manipulation that may result to imprisonment of not more than 15 years and a maximum fine of P2 million.
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