52 C. Visayas Retail Stores to Explain Violation of Price Freeze Order

The Department of Trade and Industry (DTI) Region 7 provincial offices issued letters of inquiry (LOI) to 52 retail establishments for violating the Price Freeze Order in the Central Visayas region amid the onslaught of typhoon Odette.

This news comes as overpricing has been rampant since the typhoon hit provinces in the Central Visayas region.

50 of the LOIs have been issued in business establishments in Bohol, while 2 LOIs were issued in Cebu as of December 24.

The business establishments are ordered to explain to DTI the reason for their overpricing of basic commodities beyond the price freeze. A notice of violation will then follow for explanations that are found by the DTI to be unjustified.

Under Section 6 of Republic Act 7581 as amended by RA 10623, prices of basic necessities in areas declared under state of emergency shall automatically be frozen in their prevailing prices, and will remain in effect for 60 days unless lifted by the president.

The trade department is coordinating with local government units in the monitoring of the price freeze order compliance of business establishments.

If found guilty, the business establishments caught overpricing will be fined between Php1,000.00 to Php1,000,000.00 for the violation of automatic and mandated price ceilings. (GFB)