The Department of Trade and Industry on Tuesday warned traders against exacting more profit than what is allowed under the Suggested Retail Price especially in calamity-struck areas.
Trade Secretary Ramon Lopez asked traders to be mindful about the situation amid the pandemic and the impact of recent typhoons on people and livelihood.
“Price freeze in calamity areas is automatic. There should not be any price hikes of basic necessities and prime commodities at this time,” he said.
Lopez said the government was strictly enforcing prize freeze and the SRP, with violators facing penalties of P5,000 to P2 million and imprisonment of 5 to 15 years.
The DTI also asked hardware store owners and sellers of construction materials to desist from selling products at exorbitant prices particularly in typhoon-damaged areas where many infrastructures were reportedly destroyed.
Lopez said while construction materials were not included in the SRP list, the government would maintain a watchful eye on hardware store owners for possible cases of profiteering.
“So far, we have not received complaints yet. But we are always on our toes to quickly respond to reports of price abuse,” Lopez said.
Losses in the farm and fisheries sector reached P1.75 billion following the onslaught of Typhoon 'Rolly', according to the updated estimates by the Department of Agriculture.
It said the storm destroyed 115,890 metric tons of crops across 26,251 hectares of farms, affecting the livelihood of 26,948 farmers.
The affected commodities included rice, corn, high value crops, livestock and agri-facilities in CALABARZON, MIMAROPA, Bicol Region and Eastern Visayas. The values are subject to validation, according to the agency.
The DA said it was in close coordination with concerned government agencies, local government units and disaster risk reduction management-related offices for the impact of the typhoon and available resources for intervention and assistance.
It said it was also coordinating with water management-related agencies for flood risk monitoring and dam water release.
The DA said even before the typhoon affected Philippine agriculture, the agency assured farmers and fishers of assistance.
It said the National Food Authority issued 4,263 bags of rice to the provinces of Marinduque, Albay, Camarines Norte, Catanduanes, Sorsogon and Cavite for relief operations.
It also distributed 133,326 bags of rice seeds; 17,545 bags of corn seeds and 1,980 kilograms of assorted vegetables from DA RFOs; animal stocks, planting materials, feeds, drugs and biologics for livestock and poultry; 10 million pieces of available tilapia and milkfish fingerlings and fishing gears and paraphernalia for distribution to fishermen.
The DA said it also made available Quick Response Fund amounting to P400 million for the rehabilitation of areas to be affected by the storm; Survival and Recovery Loan Program of Agricultural Credit Policy Council amounting to P300 million where a loan of P25,000 to P5,000 for emergency and P20,000 for recovery will be provided, with zero interest and no collateral, payable in 10 years; and indemnification fund from Philippine Crop Insurance Corp. amounting to P1 billion to pay for lost commodities.
It said the DA-Disaster Risk Reduction and Management Operations Center Operations Center would continuously provide farm updates.
