THE Ministry of Trade, Investments, and Tourism (MTIT) of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) ordered a prize freeze of essential goods across the region after being declared under a state of calamity.
Republic Act (RA) 7581 or the Price Act provides that “prices of necessities are automatically frozen at their prevailing prices for 60 days once a state of calamity is declared in an area.”
“We are reminding the retailers that there should be no price movement on these goods while the price freeze is in effect,” said MTIT Director of the Bureau of Trade and Industry Hussein Biruar.
metrosundaily
