(Eagle News) – The Department of Trade and Industry reminded businessmen in Mindanao to comply with the price freeze in basic commodities implemented with the declaration of martial law.
Trade and Industry Undersecretary Ted Pascua said that penalties for violating the price freeze may include revocation of license.
Business owners who will be caught violating the Price Act will be charged an administrative fine of P5,000 to P1 million or a prison sentence of one to 10 years.
“In this case, the price freeze will run for a period of 60 days unless the President lifts the declaration, the Congress revokes martial law, or the Supreme Court pushes to null the President’s declaration,” the DTI noted.
According to DTI, price freeze on basic necessities and prime commodities is automatically enforced in Regions 9, 10, 11, 12 and in CARAGA.
“Consumers are also advised to seek lists of prevailing prices of basic necessities and prime commodities in their respective areas,” the DTI noted.
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