DTI imposes nationwide price freeze amid COVID-19 fears

The Philippines imposed Thursday a nationwide price freeze on basic necessities amid the spread of the coronavirus disease 2019 (COVID-19) in the country.

In a statement, the Department of Trade and Industry (DTI) said prices of basic necessities shall be frozen at their prevailing prices for 60 days unless lifted by the President.

"The DTI is closely coordinating with other government agencies, manufacturers, and retailers of basic goods to ensure availability and continuous supply in the market," said Trade Secretary Ramon Lopez.

"Retailers are reminded that there should be no price movement on these goods while the price freeze is in effect," he elaborated.

Panic buying was reported across stores in Metro Manila on Wednesday, in fear of a lockdown due to the COVID-19 spread.

The Philippines has so far recorded 49 confirmed cases of COVID-19, 16 of which were reported Wednesday.

Among the basic goods, under the DTI, covered by the price freeze are canned fish and other marine products, locally manufactured instant noodles, bottled water, bread, processed milk, coffee, candles, laundry soap, detergent, and salt.

Meanwhile, the Department of Agriculture covers basic goods such as rice, corn, cooking oil, fresh, dried and other marine products, fresh eggs, fresh pork, beef and poultry meat, fresh milk, fresh vegetables, root crops, sugar, and fresh fruits.

Basic goods under the Department of Health (DOH) cover essential drugs, firewood and charcoal for the Department of Environment and Natural Resources (DENR), and household LPG and kerosene under the Department of Energy (DOE).

"The Department continues to intensify its monitoring and enforcement activities on the prices of basic goods in the market, including N-95, N-88, and other similar face masks," said Trade Undersecretary Ruth Castelo.

Establishments found to have violated the price freeze will face fines from P5,000 to P1 million, and/or imprisonment to 10 years. —AOL, GMA News