Basic Prices Of Goods Revert To SRP Upon End Of Price Freeze
PRICE FREEZE – The prices of basic goods had reverted to their suggested retail price which took effect on Saturday (May 16).
This was earlier announced by the the Department of Trade and Industry (DTI), according to a report from SunStar.
The SRPs of manufactured basic goods will be based on the SRP Bulletin from the DTI which was released on September 30, 2019.
The nationwide of the said freeze on all basic necessities ended at around 11:59 PM on May 15, 2020. It was in accordance to DTI, Department of Agriculture (DA), and Department of Health (DOH) Joint Memorandum Circular (JMC) No. 2020-01.
“The lifting of the price freeze will not affect the prices and supply monitoring and enforcement activities being conducted by the DTI, DA, and DOH and our partner enforcement agencies. These shall continue as usual following the directive of President Duterte to go after erring businesses and individuals, and deal with violators to the highest and fullest extent of the law,”
It has been remembered that the declaration of a State of Public Health Emergency (Proclamation No. 922) and State of Calamity (Proclamation No. 929) sparked the implementation of Section 6 of the Price Act, which freezes the cost of all basic needs at their current prices for 60 days or until sooner lifted by the President.
As per the report, now that it has ended, consumers and retailers shall refer to the SRPs from the DTI, DA, and DOH for the purchase and sale of basic needs and prime commodities.
This will also be the three departments’ basis for their respective market monitoring activities.
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