DTI: Price freeze violators face up to P2 million fine

ABS-CBN News

Posted at Nov 23 2020 11:42 PM | Updated as of Nov 24 2020 12:03 AM

Retailers who spurn the price freeze on basic goods while Luzon is under state of calamity are risking up to P2 million in fine, the trade department said Monday, after some vendors reported difficulty in following the guideline. 

A suggested retail price was in place even before President Rodrigo Duterte declared the state of calamity last week following a destructive storm, said Trade Secretary Ramon Lopez. 

"So, ang masasabi po natin, sa pagdating po sa manufactured products ay full compliance naman ang mga manufacturers at sila naman po ay nakakabenta nang mas mataas kaysa naman doon sa kanilang mga cost," he said in a public briefing. 

(So we can say that when it comes to manufactured products, our manufacturers show compliance and retailers can sell these higher than the cost.)

"In other words, hindi naman po sila nalulugi at ang importante lang po dito ay walang galawan, walang taasan ng presyo ngayong naka-state of calamity at naka-price freeze tayo," he added. 

(In other words, they will not incur losses and it is important that there is no movement, no hike in prices now that we are under a state of calamity.) 

Those who violate the price freeze will be ordered to explain, which will be the basis of whether or not they will face P1,000 up to P2 million in fine, he said. 

Watch part of the briefing here.

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