DTI ordered retailers to submit a written explanation for their overpriced items as the agency continues to monitor prices.
The Department of Trade and Industry (DTI) has ordered 51 retail firms to submit a written explanation for selling overpriced basic necessities and prime commodities (BNPCs)
These firms were selling BNPCs priced more than 10 percent higher than the preceding month and had inconsistent price tags. They were given 48 hours from receipt of notice to submit the written explanation.
Section 5 of Republic Act (RA) No. 7581, as amended by RA 1063 or the Price Act states that profiteering occurs when a person raises the price of any BNPC he sells or offers for sale to the general public by more than 10 percent of its price in the immediately preceding month.
This was one of the price monitoring inspections undertaken by the DTI-Fair Trade Enforcement Bureau (FTEB) inside the National Capital Region (NCR) as part of its recently established program "Sweeptember" to ensure stable prices and supply of BNPCs.
Meanwhile, FTEB Officer-in-Charge (OIC) Director Attorney (Atty) Marimel Dancel Porciuncula and FTEB OIC Assistant Director Atty. Joseph Manuel P. Pamittan led the DTI monitoring teams in inspecting the price and supply of BNPCs carried by 76 retail firms within Pasig, Parañaque, Malabon, and Quezon City.
DTI said that 70 of the 76 retail establishments inspected are in accordance with the Suggested Retail Price (SRP) bulletin issued last August 12, translating to a 92 percent SRP compliance rate in the NCR.
However, it also noted that six were issued a letter of inquiry (LOI) for selling items priced higher than the SRP.
The DTI said that the retailers must submit a written explanation within 72 hours of receiving the notification. Also, four of the six have already filed written explanations.
Atty. Ruth Castelo, Usec for DTI-Consumer Protection Group (CPG) emphasized the necessity of sticking to the SRP bulletin since it allows consumers to choose products that they can afford. Castelo also praised the cities that have enterprises that followed the pricing bulletin.
“We encourage sellers and manufacturers to comply with the SRP bulletin as such informs and protects consumers from deceptive or unconscionable transactions,” Castelo stressed.
RA 7581 as amended by RA 10623 gives DTI and other implementing agencies like the Department of Agriculture (DA), Department of Health (DoH), Department of Environment and Natural Resources (DENR), and Department of Energy (DoE), the responsibility of always having BNPCs available at reasonable costs without denying legitimate enterprises a fair return on investment.
DTI monitors the price and supply of essential needs such as canned sardines, processed milk, powdered milk, coffee, bread, quick noodles, salt, detergent soap, bottled water, and candles on a weekly basis.
It also oversees the pricing and supply of products such as canned meat, vinegar, patis, soy sauce, toilet soap, paper, school supplies, batteries, bread, cement, G.I. steel cables, sheets, hollow blocks, construction nails, light bulbs, electrical supplies.
Tags: #DTI, #Overpricing, #Retailers, #SRP