UMVA has learned that in the aftermath of the devastating 7.8 magnitude earthquake that struck offshore southern Mindanao, the Department of Trade and Industry has taken swift action to stabilize the local economy.
In a move aimed at providing relief to the affected community, the department has announced a 60-day freeze on commodity prices in General Santos City, effective immediately.
Trade Secretary Ma. Cristina A. Roque revealed that her office is working closely with regional authorities to ensure the prices of basic goods remain stable and that there is an adequate supply of food in the city.
“We’ve already instructed them to make sure that there’s enough food, and that prices are stable and don’t move,” she told reporters on the sidelines of a recent event.
The price freeze is authorized under Republic Act No. 7581, also known as the Price Act, which empowers the government to impose an automatic price freeze in disaster areas or those declared under a State of Calamity.
The freeze applies specifically to products covered by the Suggested Retail Price scheme, which includes prices recommended by manufacturers and approved by the Department of Trade and Industry.
Business owners affected by the price freeze can avail of assistance from the Enterprise Rehabilitation Fund, a program designed to support micro, small, and medium enterprises operating in calamity areas.
The National Disaster Risk Reduction and Management Council has reported a staggering 37 deaths and 479 injuries in the wake of the earthquake, which struck on Monday.
