Prices of basic items have reverted to their suggested retail prices (SRPs) effective Saturday with the end of the 60-day nationwide price freeze, the Department of Trade and Industry (DTI) said.
For SRPs of manufactured basic goods, these will be based on the DTI SRP bulletin dated 30 September 2019.
“The lifting of the price freeze will not affect the prices and supply monitoring and enforcement activities being conducted by the DTI, DA (Department of Agriculture), and DOH (Department of Health) and our partner enforcement agencies,” DTI Secretary Ramon Lopez said.
“The directive of President Duterte is to go after erring businesses and individuals, and deal with violators to the highest and fullest extent of the law.”
“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,” Lopez added.
The end of nationwide price freeze on all basic necessities on May 15 was in accordance with DTI, DA and DOH Joint Memorandum Circular (JMC) No. 2020-01.
It can be recalled that the declaration of a state of public health emergency (Proclamation No. 922) and state of calamity (Proclamation No. 929) triggered the implementation of Section 6 of the Price Act, which freezes the prices of all basic necessities at their prevailing prices for 60 days or until sooner lifted by the President.
With its end, consumers and retailers shall refer to the SRPs published by the DTI, DA and DOH for the purchase and sale of basic necessities and prime commodities.
The same shall also be the basis of the three agencies for their respective market monitoring activities.
The SRP bulletin for manufactured basic and prime goods dated 30 September 2019 can be viewed and downloaded from the DTI website.