Price freeze in effect in ‘Nona’ hit areas in Central Luzon

• Source:http://news.pia.gov.ph/article/view/561450796688/price-freeze-in-effect-in-nona-hit-areas-in-central-luzon
• Tuesday, December 22, 2015

By Carlo Lorenzo J. Datu (CLJD-PIA 3)

ANGELES CITY, Dec.22 (PIA) -- Department of Trade and Industry (DTI) said a freeze in the prices of basic and prime goods is in effect in areas in Central Luzon, which were severely battered by tropical disturbance “Nona” earlier this month, following the declaration of State of National Calamity by President Aquino last December 18.

They are the provinces of Aurora, Bulacan, Nueva Ecija, and Pampanga.

“Under a state of calamity, an automatic price control is implemented as contained in Section 6 of Republic Act 7581 otherwise known as the Price Act as a preventive measure to avoid chaos that may result from overpricing of goods such as processed milk, canned goods, coffee, laundry soap, detergent, candles, bread, and salt during times of calamities,” DTI Regional Director Judith Angeles said.

Hence, the prices of such in the mentioned areas excluding agricultural products should remain at levels prior to the issuance of Proclamation No.1186.

“Upon declaration of state calamity, a price control can be implemented for the duration of 60 days unless lifted sooner by either the local sanggunian or by the President of the Republic of the Philippines,” Angeles added.

Also, local governments and provincial DTI offices can adjust prices to reflect additional operational costs or the costs of bringing the products in the market.

However, this still needs the approval of either the National Price Coordinating Council or the President.

The adjusted prices must be published in newspapers of national circulation.

Angeles warned businessmen of the penalty for profiteering in price freeze areas – up to PhP1 million in fines and/or imprisonment of one to five years.

If the case is hoarding, violators can face up to PhP2 million in fines and/or imprisonment of 5 to 15 years.