Prices frozen in General Santos after quake

THE Department of Trade and Industry (DTI) said it is freezing commodity prices for 60 days in General Santos City following the 7.8 magnitude earthquake that struck offshore southern Mindanao.

On the sidelines of an event on Tuesday, Trade Secretary Ma. Cristina A. Roque said the DTI is working with its regional office to stabilize the prices of basic goods 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.

Republic Act No. 7581 or the Price Act authorizes an automatic price freeze in disaster areas or those placed under a State of Calamity.

The price freeze applies to products covered by the Suggested Retail Price scheme, or prices recommended by manufacturers and approved by DTI.

Affected business owners can avail of assistance from the Enterprise Rehabilitation Fund (ERF), Ms. Roque said.

The ERF targets micro, small and medium enterprises operating in calamity areas.

About 37 deaths and 479 injuries were reported following the Monday earthquake, the National Disaster Risk Reduction and Management Council said. — Beatriz Marie D. Cruz