The Department of Trade and Industry on Monday reported that prices of basic commodities in Davao Region remained stable.
DTI Region XI Consumer Protection Division Chief Romeo N. Vasquez Jr said during the Kapehan sa Dabaw media conference that based on their recent monitoring, the spike in oil prices has not significantly affected the prices of basic necessities and commodities.
“Based on our last three weeks na price and supply monitoring generally stable ang prices and supply sa atong
basic necessities and prime commodities and we still do not see any significant effect po on the increase in the price of fuel in the price of our basic necessities and commodities,” Vasquez said.
Vasquez said that prices are generally stable because the prices are not over the suggested retail price and if there is a slight increase, it does not exceed 10 percent.
He also said that per monitoring there is also enough supply of retail goods.
Vasquez said that they issue Letters of inquiry (LOI) to retail stores found to have increased their price beyond the 10 percent of the SRP and asked them within 48 hours to explain such increase.
He also reminded the public of the penalties for illegal price manipulation, violation of price ceiling, and violation of SRP under the RA 7581, the Price Act as amended by RA 10623.
A person guilty of illegal price manipulation shall face imprisonment for a period of not less than five years but not more than 15 years and a fine of not less than Php 5,000 but not more than Php 2 million.
A person found guilty of violation of the price ceiling law shall face imprisonment for a period of not less than 1 year not nore than 10 years and a fine of not less than Php 5,000 but not more than Php 5 million.
Those who are found guilty of violation of SRP shall be administratively fine between Php 5,000 to milion, imprisonment from 5 to 15 years, business permit cancellation for specific products such like rice.
“(The) DTI, we continue to intensify our monitoring activities. We monitor weekly from our teams from the provincial and Davao City office so that updated pud ang atoang price and supply plus status especially sa atong basic commodities and necessities (so that we can be updated on the price and supply, especially for basic commodities),” Vasquez said.
He also said that the public should remain vigilant and report to their office, through official social media channels, the observed retail price increases. CIO
Written by: K.Cañedo
Edited by: A.Nawal
Photo: (retail store, bugasan, canned goods)
