DTI imposes 60-day price freeze on basic goods amid state of calamity
MANILA, Philippines — The Department of Trade and Industry (DTI) said on Friday, November 7, it will implement an immediate price freeze on all basic goods following the national state of calamity declared as the country reels from Typhoon "Tino."
In a statement, the DTI explained that the price freeze will only remain in effect for 60 days. However, this may also extend if President Ferdinand "Bongbong" Marcos Jr. decides to keep the state of calamity status even after two months have passed.
When the country or a locality is placed under a state of calamity, a price freeze on basic necessities and prime commodities is automatically imposed. The Price Act mandates this measure to prevent profiteering and hoarding during disasters.
It is the DTI's responsibility to properly enforce the price freeze as the head of the National Price Coordinating Council. "The DTI has coordinated with all key NPCC implementing agencies to protect consumers during this critical period," the agency said.
Manufacturers, retailers and distributors will be under constant watch as they ensure there is sufficient stock of basic necessities and prime commodities.
"All DTI Regional and Provincial Offices are on heightened alert and mobilized to enforce compliance with the price freeze and maintain adequate supply nationwide," DTI said.
During the recovery period, while under a state of calamity, the national government can also tap the calamity fund — also known as the quick response fund — for speedy rehabilitation efforts. This serves as a standby fund for immediate aid, relief, rescue and reconstruction only in areas where a state of calamity has been declared.
The National Disaster Risk Reduction and Management Council (NDRRMC) has reported 188 deaths from Tino, with about 74% of the fatalities coming from Cebu. The province also accounts for nearly two-thirds of the 135 people reported missing.
As the Philippines reels from the devastation of Tino, the country is already bracing for another powerful storm expected to enter its waters and intensify into a super typhoon before landfall. Torrential rains and widespread flooding are forecast by Sunday, November 9.
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