DTI may lift Mindanao price freeze

The Department of Trade and Industry is mulling to lift the price freeze in certain areas in Mindanao as the prices and supply of basic goods have remained stable, particularly in the localities deemed to be relatively unaffected by unrest.

The price freeze was implemented following the issuance of Proclamation No. 55, which declared the entire country under a state of national emergency on the account of a state of lawlessness in Mindanao.

This proclamation automatically called for the implementation of the price freeze, which is effective for 60 days for basic goods and 15 days for household liquefied petroleum gas (LPG) and kerosene.

“The DTI is bound by the Price Act to implement the price freeze but the same law states that we can recommend to the President to lift it sooner. Thus, we are doing further study if we can recommend such,” said Trade Undersecretary Teodoro C. Pascua.

However, since the prices and supply of manufactured basic goods were generally stable before and even after the proclamation was issued, the DTI is now studying the possibility of lifting the price freeze at least in the areas where there is clearly no unrest.

“Until we come out with an appropriate recommendation for the President, prices of basic goods remain to be frozen at their prevailing prices,” Trade Secretary Ramon M. Lopez said in a statement Wednesday.

Prevailing prices of basic necessities referred to the most commonly observed price in an area before the declaration was made. Pursuant to the existing Price Act, individuals and companies found violating the said price freeze may be slapped with penalties of up to P1 million and/or imprisonment of up to 10 years. Amy R. Remo