MTIT declares price freeze for basic goods in BARMM amidst calamity
Economic News • 21:00 PM Wed Aug 31, 2022
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By:
Aisah Abas/BIO
COTABATO CITY—The prices of basic necessities (BN) in the Bangsamoro region are frozen, following the declaration of calamity due to massive flooding, the Ministry of Trade, Investments and Tourism (MTIT) announced Tuesday.
This is in line with Republic Act (RA) 7581 also known as the Price Act of the Philippines, which suggests that “prices of basic necessities (BN) are automatically frozen at their prevailing prices for sixty (60) days once a state of calamity (SOC) is declared in an area.”
Among the BN products to be monitored by the MTIT are canned fish, locally manufactured instant noodles, bottled water, bread, processed milk, coffee, candles, laundry soap, detergent, and salt.
“We are closely coordinating with other government agencies, manufacturers, and retailers to ensure availability and continuous supply of basic goods in the market,” Hussein Biruar, director of Bureau of Trade and Industry said.
The Ministry also warns retailers to refrain from selling basic necessities more than the specified prices.
Consumers may report violators to MTIT Regional Office and Provincial Offices at the hotline numbers specified below:
MTIT Regional Office: 09678255847, 09364601973 or 557-2819
MTIT Maguindanao: 09974979647, 9300848942 or 557-2474
MTIT Lanao del Sur: 09811167616
MTIT Tawi-Tawi: 09275177701 or 09630964398
MTIT Sulu: 09754246051
Ministry of Trade, Investments and Tourism- Basilan Provincial Office: 09166123265
“We are reminding the retailers that there should be no price movement on these goods while the price freeze is in effect,” Biruar said.