FOLLOWING the onslaught of Typhoon Kristine, the Department of Trade and Industry (DTI) has issued a price freeze on basic necessities in Albay Province and Magpet Town in Cotabato.
FOLLOWING the onslaught of Typhoon Kristine, the Department of Trade and Industry has issued a price freeze on basic necessities in Albay Province and Magpet Town in Cotabato.
“In close coordination with the Office of the Civil Defense, we are prepared to enforce the automatic price freeze that accompanies any state of calamity declaration. The DTI will take strong action against any violations, which may include administrative cases and fines,” DTI Acting Secretary Cristina A. Roque said in a statement on Wednesday.
When a state of calamity is declared, Republic Act No. 7581, or the Price Act, as amended, mandates a 60-day automatic price freeze on products under its purview such as canned fish, locally manufactured instant noodles, bottled water, bread, processed milk, coffee, candles, laundry soap, detergent, and salt.With this, the Trade department noted that the price freeze will remain in effect until its designated end date unless lifted sooner by the President.
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