ILOILO – Retailers are respecting the prize freeze in five northern Iloilo municipalities that declared a state of emergency due to the devastation caused by typhoon “Ursula”, according to the Department of Trade and Industry (DTI) Region 6.
DTI-6 is monitor prices in Carles, Concepcion, Batad, Balasan, and Estancia, said Assistant Regional Director Ermelinda Pollentes.
A freeze in the prices of basic necessities is automatic in areas under a state of calamity.
Gov. Arthur Defensor Jr. said a province-wide state of calamity may be declared if data would warrant it.
Basic necessities identified under Republic Act 7581 (Price Act) include rice, corn, bread, fresh, dried and canned fish and other marine products, fresh pork, beef and poultry meal, fresh eggs, fresh and processed milk, fresh vegetables, root crops, coffee, sugar, cooking oil, salt, laundry soap, detergents, firewood, charcoal, candles, and drugs classified as essential by the Department of Health.
Under Section 15 (Penalty for Acts of Illegal Price Manipulation) ofthe Price Act, a person who commits price manipulation shall suffer the penalty of imprisonment for a period of not less than five years nor more than 15 years, and shall be imposed a fine of not less than P5,000 nor more than P2 million.
According to Pollentes, what should be followed were the prevailing prices as of Nov. 24 – these were the suggested retail prices released by DTI on October 2019 – or a month before the typhoon struck.
Retailers not following these prices would be issued with notices of violation.
“Ursula” struck northern Iloilo on Dec. 25.
DTI-6 regional director Rebecca Rascon warned traders last week not to take advantage of the difficult situation by manipulating prices (hoarding, profiteering, cartel).
Hoarding is the undue accumulation of any basic commodity beyond the normal inventory levels, or the unreasonable limitation or refusal to dispose of, sell or distribute the stocks of any basic necessity or prime commodity to the general public, or the unjustified taking out of any basic necessity or prime commodity from the channels of reproduction, trade, commerce and industry.
Profiteering is the sale or offering for sale of any basic necessity or prime commodity at a price grossly in excess of its true worth.
On the other hand, a cartel is any combination of or agreement between two or more persons engaged in the production, manufacture, processing, storage, supply, distribution, marketing, sale or disposition of any basic necessity or prime commodity designed to artificially and unreasonably increase or manipulate its price./PN
