MANILA, Philippines — The Department of Trade and Industry (DTI) on Friday, October 25, said that a 60-day price freeze has been implemented in some areas affected by Severe Tropical Storm Kristine.
Several areas have declared a state of calamity following the devastation of the cyclone. While Kristine is on its way out of the Philippine area of responsibility, there is a chance that it may intensify and head back towards the country over the weekend.
In a press briefing, DTI Secretary Cristina Roque said the agency was aggressively monitoring the pricing of goods.
“There is a 60 day price freeze on all the basic commodities that we have listed in our memo. And aside from this, this is strictly monitored,” Roque said.
In a Facebook post on Friday morning, the DTI has so far listed a price freeze in the following areas:
- Albay
- Camarines Norte
- Catanduanes
- Camarines Sur
- Magpet, Cotabato
- Calbayog, Samar
- Sorsogon (Bulan and Donsol)
- Quezon Province (Tagkawayan, Mulanay, General Luna)
- Eastern Samar (Maydolong, Borongan City, San Julian, Sulat, Taft, Can-Avid, Dolores, Oras, San Policarpio, Artache, Maslog, Jipapad)
- Biñan, Laguna
- Cuenca, Batangas
Roque also said they are monitoring potential profiteering cases, coordinating with retailers on prices and checking in with government agencies on the ground.
Aid for MSMEs
Micro, Small and Medium Enterprises (MSMEs) who are affected by Kristine could avail aid from the DTI, Roque said.
Aside from the current price freeze, Roque also said that small businesses affected by Kristine can have a low interest loan from the Small Business Corp., which is a government bank attached to the DTI.
“We have now, P2 billion fund for the enterprise rehabilitation financing,” Roque said.
Roque said that MSMEs can loan up to P300,000. They may send their requests to sbcorporation@sbcorp.gov.ph.
This loan is available only to MSMEs officially registered with the government.
Roque explained that for the first year of the loan, the interest rate is 0%, while in the second year, the rate will increase by 1% each month.