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Price freeze rule automatically activated in Cebu province —DTI
By TED CORDERO,GMA NewsA price freeze on basic goods and prime commodities has been automatically activated in Cebu province, and Cebu City after local government units in affected areas declared a state of calamity, Trade Secretary Ramon Lopez said Saturday.
“In-announce na ang state of calamity sa province of Cebu at sa Cebu City… ibig sabihin, may automatic price freeze for 60 days,” Lopez said in an interview on Dobol B TV.
On Friday, Cebu City Mayor Mike Rama declared a city-wide general state of calamity and emergency
due to the damage to property brought about by the onslaught of Typhoon Odette.Likewise, Cebu Governor Gwendolyn Garcia declared a state of calamity over the entire province due to the typhoon's damage.
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Lopez said that prior to the typhoon's arrival, the DTI started to update price and supply in supermarkets at retail stores in areas on Odette's path.
The Trade chief said this was done to establish baseline prices in anticipation of a state of calamity declaration.
Nevertheless, he said that inventory levels in areas affected by the typhoon was enough for three weeks to one month, and no panic-buying was observed. —LBG, GMA News