Automatic price freeze takes effect

Automatic price freeze took effect yesterday in areas declared under state of calamity which means that prices must remain at levels prior to such declaration, the Department of Trade and Industry said.

Atty. Victorio Mario A. Dimagiba, officer-in-charge of the DTI Consumer Welfare and Business Regulation Group, said that so far five areas outside of the National Capital Region have been declared under state of calamity due to damage caused by heavy monsoon rains and flooding brought about by typhoon Maring.

As of press time, these areas are Sta. Rosa City of Laguna and San Pedro towan of Laguna; Sta. Maria and Narvacan towns of Ilocos Sur; and the whole province of Cavite.

Dimagiba also said that the town of Cordova in Cebu was also placed under state of calamity yesterday morning by the local government due to the oil spill following the collision of two vessels that claimed 52 lives already.

"Under the law, once an area is declared under a state of calamity, an automatic price freeze takes effect immediately. This means that basic commodities must remain at their prevailing prices prior to the declaration," Dimagiba said.

DTI Secretary Gregory L. Domingo, who is in Brunei attending the ASEAN Economic Ministers Meeting, is also monitoring the situation and has been in contact with Dimagiba.

The Price Act states that state of calamity is good for 60 days, but Dimagiba said it is up for the local authorities, either the provincial or city or town to lift the declaration before the 60 day period.

A price freeze is implemented in areas under state of calamity to ensure that no traders or unscrupulous businesses take undue advantage of the situation. Violators will face up to 10 years imprisonment and a fine of up to R1 million.

RA 7851 or the Price Law has expanded the coverage of basic commodities to include bottled water, instant noodles, fruits, household liquefied petroleum gas and kerosene.

The previous Price Act's list of basic necessities is limited to rice, corn, root crops, bread, fish (fresh, dried or canned) and other marine products; fresh pork, beef and poultry meat; eggs; fresh and processed milk; fresh vegetables; coffee; sugar; cooking oil; salt; laundry soap and detergents; firewood; charcoal; candles, and essential drugs.(BCM)

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Militants want US Marines pulled out of Negros
    Militants want US Marines pulled out of Negros

    The militant group Bagong Alyansang Makabayan (Bayan) is calling for the pullout of US Marines who arrived in Sagay City, Negros Occidental last Wednesday to train Special Action Force (SAF) commandos and members of the allied forces. The SAF commandos and the allied forces will secure the Asia-Pacific Economic Cooperation (APEC) ministerial meeting in this city. Bayan-Negros secretary general Christian Tuayon said the US troops might violate the human rights of activists, especially those …

  • China subs outnumber US fleet – admiral
    China subs outnumber US fleet – admiral

    China is building some “fairly amazing submarines” and now has more diesel- and nuclear-powered vessels than the United States, a top US Navy admiral told US lawmakers on Wednesday, although he said their quality was inferior. Vice Admiral Joseph Mulloy, deputy chief of naval operations for capabilities and resources, told the House Armed Services Committee’s seapower subcommittee that China was also expanding the geographic areas of operation for its submarines, and their length of …

  • Pacman mega fight tax exemption up to Congress, BIR
    Pacman mega fight tax exemption up to Congress, BIR

    Malacañang is leaving it up to Congress and the Bureau of Internal Revenue (BIR) to consider a proposed special tax exemption for boxing icon Manny Pacquiao in his much-awaited fight with Floyd Mayweather. Deputy presidential spokesperson Abigail Valte said yesterday it will have to be discussed by Congress because lawmakers are the ones who enact tax exemptions, special or general. Pacquiao has been dogged by unsettled tax obligations with the BIR. …

  • Couple married 67 years holds hands in final hours together
    Couple married 67 years holds hands in final hours together

    FRESNO, Calif. (AP) — After spending 67 years together as devoted husband and wife, there was no question how Floyd and Violet Hartwig would end their lives — together. …

  • 3 Pinays on Forbes power women list
    3 Pinays on Forbes power women list

    Three Filipina executives, who are all daughters of known business tycoons in the country, made it to Forbes’ list of the 50 most powerful businesswomen in Asia. Teresita Sy-Coson, vice chairman of SM Investments and chairman of BDO Universal Bank, was included in the list for the fourth year in a row since its inception. “Under her (Sy-Coson) lead SMIC became the largest listed company on the Philippine Stock Exchange by market cap. Also in the 2015 list is 70-year-old Helen Yuchengco-Dee, …

  • Binay backs house arrest for JPE, GMA
    Binay backs house arrest for JPE, GMA

    Vice President Jejomar Binay yesterday supported proposals to put Sen. Juan Ponce Enrile and former President now Pampanga Rep. Gloria Macapagal- Arroyo under house arrest. “Government prosecutors are opposing house arrest for… Enrile. Binay issued the statement after the 91-year-old Enrile was rushed to the Makati Medical Center on Thursday due to pneumonia. House arrest for him would be the compassionate thing to do,” he added. …

  • Hijacked Indonesian vessel found in Davao
    Hijacked Indonesian vessel found in Davao

    An Indonesian cargo vessel that was hijacked a month ago in North Sulawesi, Indonesia has been found stuck in the waters off Mati, Davao Oriental, the Philippine Coast Guard (PCG) reported yesterday. PCG spokesperson Armand Balilo said the PCG- Southeastern Mindanao district was informed on Feb. 23 that the M/T Rehoboth was found aground off Barangay Cabuaya. Four personnel from the local PCG district office were sent to verify the report. The vessel was reportedly hijacked by …

  • Phl now biggest grower of GM crops
    Phl now biggest grower of GM crops

    The Philippines is now the twelfth biggest grower of genetically modified (GM) crops. …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options