CEBU, Philippines — The Department of Trade Industry-7 has issued 76 Letters of Inquiries (LOIs) and 11 Notices of Violations (NOVs) in Central Visayas to non-compliant establishments of the price freeze order, and to retailers of hardware and construction materials in violation to Fair Trade Laws.
This after DTI-7 provincial offices heightened their monitoring of establishments across the region to check on the prices and supply of basic necessities and prime commodities (BNPCs) after Typhoon Odette struck Cebu and neighboring provinces.
DTI-7 said that in Cebu, there were eight LOIs issued, while two NOVs were served to erring establishments.
In Bohol, around 68 LOIs or Show Cause Orders and nine NOVs were issued to non-compliant supermarkets and stores of the said order and to retailers of hardware and construction materials violating the laws.
According to law, erring retailers may be penalized for violation of price ceilings with a fine of not less than P5,000 nor more than P1 million.
For acts of illegal price manipulation (profiteering, hoarding and cartel), erring retailers may be penalized with fine of not less than P5,000 nor more than P2 million.
DTI-7, in a statement, said that it is the policy of the government to make certain the availability of basic necessities and prime commodities at reasonable prices at all times without denying legitimate businesses a fair return of investment.
It also provides effective protection to consumers against illegal price spikes. — GMR (FREEMAN)