DTI announces price freeze on basic goods in Central Luzon

August 4 ------ THE Department of Trade and Industry (DTI) announced a price freeze on basic commodities in Central Luzon, which was placed under a state of calamity after most of the provinces in the region have been flooded because of rains spawned by the southwest monsoon and Super Typhoon "Egay."

The 60-day price freeze will be in effect in Pampanga, Bulacan, Bataan, Zaragosa in Nueva Ecija, and in Camiling and Paniqui in Tarlac, pursuant to Republic Act (RA) 7581 better known as the Price Act. Under RA 7581, an automatic 60-day price freeze will be imposed on basic goods if an area is proclaimed or declared a disaster area or placed under a state of calamity. "If the prevailing price of any basic necessity is excessive or unreasonable, the implementing agency may recommend to the President the imposition of a price ceiling for the sale of the basic necessity at a price other than its prevailing price," according to the law.

Trade and Industry Secretary Alfredo Pascual, meanwhile, assured the continuous monitoring of basic and prime commodities (BNPCs) and informed the business establishments in the affected region. "The DTI, through its regional and provincial offices, is regularly monitoring the prices of BNPCs. The monitoring will continue to prevent instances of illegal price manipulation under RA 7581, especially after the declaration of the State of Calamity," he said. Currently, the supply of BNPCs is stable. There are also no reported instances of shortage in the supply of BNPCs within Region 3 (Central Luzon)," he added.

He also advised against panic buying to ensure stable supplies. The DTI monitors prices of canned fish, locally manufactured instant noodles, bottled water, bread, processed milk, coffee, candles, laundry soap, detergent, and salt, among others.

Source: manilatimes.net