MAMBAJAO Camiguin, October 12 (PIA) — In view of Proclamation No. 55 issued on September 4, 2016 declaring a state of national emergency on account of lawless violence, the Department of Trade and Industry (DTI) Camiguin Provincial Officer is imposing a 60-day Price Freeze on basic necessities and prime commodities.
Pursuant to Section 6 of Republic Act No. 7581, The Price Act, as amended, prices of basic necessities are automatically frozen at their prevailing prices or place under automatic price control.
In the province of Camiguin, as soon as the declaration was made, the consumer welfare division (CWD) visited business establishments, talked to the owners and managers, provided all copy of the memorandum on prize freeze and Proclamation No. 55 series of 2016.
DTI-Camiguin’s initiative is in consonance to Section 6 of the Republic Act (RA) 7581 also known as the Price Act of the Philippines in order to ensure that the price of goods remain stable until the state of calamity is lifted.
Price freeze is the situation in which prices, or the price of a particular product, 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 of the price freeze will be summoned by DTI-Camiguin and those found selling above the prevailing prices could face fines of up to P1 million or imprisonment for a maximum of 10 years.
With the imposition of a price freeze, the DTI-Camiguin enforcement team will intensify monitoring of business establishments to ensure that the goods covered are sold at prevailing prices and will 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)