DTI imposed price freeze

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DTI imposed price freeze

MAMBAJAO, Camiguin, May 12 (PIA) –Following the province declaration of State of Calamity due to devastating effects of El Niño Phenomenon on 19 April 2016, the Department of Trade and Industry (DTI) Camiguin Provincial Office is imposing a 60-day price freeze on basic necessities and some prime commodities.

This initiative is in consonance to Section 6 of the Republic Act (RA) 7581 or the Price Act of the Philippines to ensure that the prices of goods remain stable until the state of calamity is lifted.

DTI said prices of products are fixed at a particular level and no increases are allowed.

All business establishments are enjoined to strictly abide the law and cooperate to avoid penalties. Violators will be summoned by DTI and those found selling above the prevailing prices could face fines of up to P1 million or imprisonment for a maximum of 10 years.

The DTI-Camiguin enforcement team is currently intensifying its monitoring activities to business establishments to ensure that the goods covered are sold at prevailing prices; they will also be checking the price and supply situation of goods in various areas which are placed under state of calamity. (Zita M. Abellare with reports from Varry Labial, DTI-Camiguin, PIA Cam iNet)

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