The Department of Trade and Industry (DTI) on Friday, October 25, announced a 60-day price freeze on basic commodities in typhoon-hit areas and introduced measures to support business recovery in response to the severe impact of recent typhoons on communities across the country.
In a Palace briefing, DTI Secretary Ma. Cristina A. Roque said that the agency is “on top of the situation” to ensure stable prices and ample supply of essential goods in affected areas.
“There is a 60-day price freeze on all the basic commodities that we have listed in our memo,” Roque said.
“This is also strictly monitored – meaning, tsini-check namin ito aggressively… on a day-to-day basis nagbibigay sila ng update sa amin sa mga supermarkets, grocery, convenient stores, and other stores na nagbibenta ng mga basic necessities,” she added.
Roque also said DTI is coordinating with supermarkets, convenience stores, small and big groceries, and markets to make sure that there’s a constant supply of food and basic necessities.
According to the Trade and Industry Secretary, DTI also warned businesses not to exploit the crisis by inflating prices.
“We are aggressively checking na lahat ng mga presyo ay tamang presyo para sa mga consumers natin especially those na nasalanta badly by the bagyo.”
To assist businesses in their recovery, Roque announced that DTI’s Small Business Corporation (SB Corp) has earmarked P2 billion under the Enterprise Rehabilitation Financing program. This fund is dedicated to rehabilitating typhoon-affected enterprises.
“For the first year, [loans will be at] zero percent interest; for the second year, one percent per month. Kahit walang principal payment, basta nasalanta ng bagyo, they can avail of this fund,” she explained, urging eligible businesses to apply at sbcorp.gov.ph.
Consumers and businesses are also encouraged to report any price violations during the freeze by contacting DTI through consumercare@dti.gov.ph.
In closing, Roque assured that DTI will continue to enforce price regulations and support business recovery to help communities.
Numerous areas have declared a state of calamity due to the cyclone’s destruction. Although Kristine is currently exiting the Philippine area of responsibility, there remains a possibility it could strengthen and return to the country over the weekend. (TCSP)
