Price freeze implemented in calamity-stricken areas in CL
Published Jul 27, 2018 01:00 pm
By Mar Supnad
CITY OF SAN FERNANDO, Pampanga-- A price freeze on basic goods and prime commodities is currently being implemented in select areas in Central Luzon which were placed under a State of Calamity after they were battered by monsoon rains enhanced by tropical disturbances Henry, Inday, and Josie.
Barangays Poblacion and San Jose in Calumpit, Bulacan were only among of the 35 villages in Bulacan province that are still submerged by flood waters. (Freddie Velez/ MANILA BULETIN)
These areas include the province of Bataan; municipalities of Marilao and Paombong in Bulacan; municipalities of Licab and Nampicuan in Nueva Ecija; municipality of Masantol in Pampanga; municipalities of Ramos, La Paz, Camiling, Moncada and Victoria in Tarlac; and the city of Olongapo.
“Under Republic Act 7581 or the Price Act, prices of basic goods and commodities are frozen, or held at prevailing prices automatically once an area is placed under a state of calamity. The price freeze is effective for a minimum of 60 days, unless revoked by the President,” Department of Trade and Industry Regional Director Judith Angeles said.
“We remind business establishments that violations of the Price Act under Section 5, or Illegal Price Manipulation, are punishable by imprisonment ranging from 5 to 15 years and fines ranging from P5,000 to P2 million, depending on the gravity of the offense. Illegal price manipulation may consist of hoarding, profiteering and cartel,” Angeles added.
In Bataan, one of the worst hit by flashfloods, DTI provincial director Nelin Cabahug also assured that there is no price increase for the prime commodities in the province.
In her press briefing with local newsmen, Cabahug asked the public to report to DTI of any such price increase for them to act.
In cases of emergency or exigency, the President, upon the recommendation of the Price Coordinating Council, may also impose a mandated price ceiling to avert any overpricing of goods.
“We also remind consumers not to resort to panic buying, so as not to distort the supply of goods in their respective localities. We are continuously monitoring the supply and prices of basic goods in major public markets, groceries and supermarkets in the region,” Angeles added.
Barangays Poblacion and San Jose in Calumpit, Bulacan were only among of the 35 villages in Bulacan province that are still submerged by flood waters. (Freddie Velez/ MANILA BULETIN)
These areas include the province of Bataan; municipalities of Marilao and Paombong in Bulacan; municipalities of Licab and Nampicuan in Nueva Ecija; municipality of Masantol in Pampanga; municipalities of Ramos, La Paz, Camiling, Moncada and Victoria in Tarlac; and the city of Olongapo.
“Under Republic Act 7581 or the Price Act, prices of basic goods and commodities are frozen, or held at prevailing prices automatically once an area is placed under a state of calamity. The price freeze is effective for a minimum of 60 days, unless revoked by the President,” Department of Trade and Industry Regional Director Judith Angeles said.
“We remind business establishments that violations of the Price Act under Section 5, or Illegal Price Manipulation, are punishable by imprisonment ranging from 5 to 15 years and fines ranging from P5,000 to P2 million, depending on the gravity of the offense. Illegal price manipulation may consist of hoarding, profiteering and cartel,” Angeles added.
In Bataan, one of the worst hit by flashfloods, DTI provincial director Nelin Cabahug also assured that there is no price increase for the prime commodities in the province.
In her press briefing with local newsmen, Cabahug asked the public to report to DTI of any such price increase for them to act.
In cases of emergency or exigency, the President, upon the recommendation of the Price Coordinating Council, may also impose a mandated price ceiling to avert any overpricing of goods.
“We also remind consumers not to resort to panic buying, so as not to distort the supply of goods in their respective localities. We are continuously monitoring the supply and prices of basic goods in major public markets, groceries and supermarkets in the region,” Angeles added.