Goods prices return to SRP following the end of price freeze

grocery items on shelvess
Source: Pixabay

Following the end of the price freeze, prices of basic necessities have reverted to their suggested retail prices (SRPs) effective 16 May 2020, as earlier announced by the Department of Trade and Industry (DTI). For manufactured basic goods SRPs, these will be based on the DTI SRP Bulletin dated as of 30 September 2019.

The 60-day nationwide price freeze on all basic necessities ended at 11:59 PM last 15 May 2020 in accordance to DTI, Department of Agriculture (DA), and Department of Health (DOH) Joint Memorandum Circular (JMC) No. 2020-01 which says that the price freeze shall only take effect for 60 days or until 15 May 2020.

“The lifting of the price freeze will not affect the prices and supply monitoring and enforcement activities being conducted by the DTI, DA, and DOH and our partner enforcement agencies. 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,” said DTI Secretary Ramon M. Lopez.

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 sixty (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.

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Manila, Philippines

July 9-11, 2020