Prices of basic necessities (BN) are now back to their suggested retail prices (SRPs) following the expiry of the nationwide price freeze, the Department of Trade and Industry said.
The DTI issued this advisory as the nationwide price freeze on basic necessities expired last July 9. The prices of basic necessities reverted to their SRPs effective last week, July 10, 2021.
Following Proclamation No. 1143, prices of basic necessities were placed under automatic price control or automatically frozen at their prevailing prices due to the outbreak of African Swine Fever. The price freeze lasted 60 days, beginning 10 May 2021 and ending on 09 July 2021.
“Though the price freeze on basic necessities will be lifted, the DTI assures the consuming public of continuing and constant communication with the manufacturers and retailers of these goods to ensure that their prices are reasonable and that supply is stable and available in the market,” DTI Consumer Protection Group Undersecretary Ruth B. Castelo said.
The products under basic necessities include canned sardines in tomato sauce, luncheon meat, meatloaf, beef loaf, corned beef, processed milk, coffee, bread, locally manufactured instant noodles, salt, detergent soap/laundry soap, toilet soap, bottled water, candle, and condiments such as vinegar, soy sauce, and fish sauce. The SRP list for these products is available from the DTI website for the information and guidance of retailers, distributors, and consumers nationwide.
With the lifting of the price freeze, the DTI-Fair Trade Enforcement Bureau (FTEB) and the DTI Regional and Provincial Offices will continue their intensified monitoring and enforcement activities in their respective areas to determine the compliance of establishments with the provisions of Republic Act (RA) No. 7581 or the Price Act, as amended by RA 10623 “An Act Amending Certain Provisions of Republic Act No. 7581, entitled “An Act Providing Protection To Consumers By Stabilizing The Prices Of Basic Necessities And Prime Commodities And By Prescribing Measures Against Undue Price Increases During Emergency Situations And Like Occasions And For Other Purposes”.
Given this, the DTI reminds business establishments to follow the latest SRPs of basic necessities and prime commodities and warns those who will be committing any acts of illegal price manipulation such as hoarding, profiteering, and cartel. Based on the Price Act, those found engaging in illegal price manipulation shall suffer the penalty of imprisonment for a period of not less than five (5) years nor more than fifteen (15) years, and shall be imposed a fine of not less than Five thousand pesos (P5,000.00) nor more than Two million pesos (P2,000,000.00)
To report business establishments that sell BNPCs beyond the SRPs, consumers may call the One-DTI (1-384) Hotline or send an email to [email protected].