2 Establishments in Cebu Ordered by DTI-7 to Explain Alleged Overpricing
The Department of Trade and Industry in Central Visayas (DTI-7) has ordered at least two establishments to explain over alleged overpricing.
The agency ordered at least two establishments to explain the selling of alleged overpriced essential goods. The department issued Letters of Inquiry to the firms who violated the measure in Cebu.
DTI-7 urged the companies to explain why the prices of essential goods continue to increase despite the implementation of a price ceiling in the area due to the devastating effects of Typhoon Odette.
The government has placed the entire island of Cebu under a state of calamity after being devastated by the typhoon. The prices of basic commodities, as well as construction materials, automatically freeze.
The department has checked over 126 establishments in Cebu as of December 24 to ensure the business companies were complying with the price ceiling rule. “If unjustified, a notice of violation will be served,” the department said.
The Philippine government warned the establishments to face corresponding sanctions and penalties if caught selling overpriced products. Criminal or administrative penalties will be charged to the price freeze violators.
Based on the Price Act and existing rules and regulations, anyone who will violate the Automatic Price Control or Mandated Price Ceiling will pay fines not less than P1,000 or more than P1 million.
Meanwhile, P5, 000 or more than P2, 000, 000 fine will be charged against anyone who will commit illegal price manipulation.
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