MANILA, Philippines — Traders and retailers should brace for penalties if they overprice farm products, as the Department of Agriculture implements suggested retail prices (SRP) for certain commodities beginning today in Metro Manila.
The DA assured consumers of protection from price irregularities as it imposed an SRP on selected commodities, particularly basic agricultural and fishery products in the National Capital Region.
Under the Price Act, which the DA is invoking to implement the SRP, price manipulators could face imprisonment of five to 15 years, a fine ranging from P5,000 up to P2 million, or both penalties.
“The DA is joining forces with the Department of Trade and Industry, Department of the Interior and Local Government and respective LGUs in Metro Manila to strictly monitor the prices in public markets on a regular basis and impose sanctions on erring retailers,” said Agriculture Secretary William Dar.
The Price Act allows the DA to penalize abusive businesses that control the supply of agricultural commodities to their advantage. The law was created primarily to prevent and take action against individuals and entities that manipulate prices of primary and basic commodities.
Under the approved SRP, pork pigue and kasim should have a price of P190 per kilogram. Based on the latest market monitoring, these are priced from P193 to as high as P220 per kg in some markets.
For fully dressed chicken, the SRP is P130 per kg versus the current price of P152 per kg.
For fish, bangus or milkfish will now be priced P162 per kg; tilapia at P120 a kg; and roundscad or galunggong at P130. Over the weekend, bangus was at P174 per kg; tilapia at P140; and galunggong at P180.
The DA also included garlic, both local and imported, and red onion in the SRP list. The SRP for imported garlic is P70 per kg, while local garlic is P120 a kg, significantly lower from the current P164 and P343 per kg, respectively.
For imported red onion, SRP will be P95 per kg from the prevailing P107. As for refined sugar, SRP is at P50 a kg while raw sugar will be priced P45 per kg.
“We will conduct regular monitoring of these agri-fishery commodities to protect consumers against hoarding and profiteering of unscrupulous traders and cartels who manipulate for their advantage the supply, distribution, marketing and prices of basic agri-fishery goods,” Dar said.
Under the Price Act, the government shall ensure the availability of basic necessities and prime commodities at reasonable prices at all times, without denying legitimate businesses a fair return on investment.
It is also the responsibility of the government to provide effective and sufficient protection to consumers against hoarding, profiteering and cartels with respect to supply, distribution, marketing and pricing of basic commodities during periods of calamity, emergency, widespread illegal price manipulation and other similar situations.
The law also mandates the DA, whenever necessary, to issue SRPs for any or all basic commodities as well as to determine, recommend and enforce price ceilings.
The DA will continue to conduct regular monitoring of basic commodities in order to identify and investigate causes of market and priceirregularities.