DUMAGUETE CITY, Negros Oriental, Dec. 28 (PIA) -- The Department of Trade and Industry (DTI) here has reported that no letters of inquiry (LOI) have been sent to business establishments violating the price freeze in the province as of Dec. 27.

Retailers monitored in the province have reportedly complied with the price ceiling of basic commodities.

However, in a press statement, DTI Region 7 has already issued 50 LOIs to retailers in Bohol and two in Cebu that violated with the price freeze order.

This means that the said retail stores have to explain to DTI why they are selling basic necessities beyond the price freeze, said Information Officer Jojisilia Villamor of DTI-7.

If DTI finds their explanation to be unjustified, a notice of violation (NOV) will then be issued.

Under Section 6 of Republic Act 7581 as amended by R.A. 10623, prices of basic necessities in areas declared under a state of emergency or calamity shall automatically be frozen in their prevailing prices.

The price freeze shall remain in effect until 60 days unless lifted by the President. 

DTI Negros Oriental has intensified its monitoring of price and supply of basic necessities and prime commodities especially in areas that are hit by the typhoon. 

DTI is coordinating with the local government units (LGUs) in monitoring the compliance of establishments issued with LOIs. 

Villamor said if there is an alleged violation by establishments, LGUs can suspend, revoke, or cancel the business permit which gives them the license to operate. 

Under the Price Act, violators will face an administrative fine of not less than P1,000 nor more than one million for violation of the price ceilings.  

The public is urged to report incidents of overpricing or hoarding to DTI. (JCT/PIA7 Negros Oriental)