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Nationwide price freeze ends

Updated: Jan 23, 2021

PRICES of basic necessities nationwide reverted to their suggested retail prices (SRPs) effective May 16, the Department of Trade and Industry (DTI) announced.

In a statement, the DTI said the 60-day nationwide price freeze on all basic necessities ended at 11:59 p.m. of May 15, 2020 based on the Joint Memorandum Circular No. 2020-01 issued by the DTI, Department of Agriculture and Department of Health.

“The lifting of the price freeze will not affect the prices and supply monitoring and enforcement activities being conducted by the DTI, DA, and DOH and our partner enforcement agencies,” DTI Secretary Ramon M. Lopez said.

“These shall continue as usual following the directive of President Duterte to go after erring businesses and individuals, and deal with violators to the highest and fullest extent of the law,” he added.

The agency said SRPs of manufactured basic goods will be based on the DTI SRP Bulletin as of September 30, 2019.

The price freeze was imposed shortly after the government’s declaration of a State of Public Health Emergency (Proclamation No. 922) and State of Calamity (Proclamation No. 929) to facilitate response to the coronavirus disease 2019 (Covid-19) pandemic.

Section 6 of the Price Act freezes the prices of all basic necessities at their prevailing prices for 60 days or until sooner lifted by the President.

With the end of the price freeze, consumers and retailers shall refer to the SRPs published by the DTI, DA, and DOH for the purchase and sale of basic necessities and prime commodities.

The same shall also be the basis of the three agencies for their respective market monitoring activities.

The SRP Bulletin for manufactured basic and prime goods as of September 30, 2019 can be viewed and downloaded from the DTI website, (Ventures Cebu)

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