Tuesday, August 1, 2017

NPCC MEETING TO DETERMINE NEED TO EXTEND PRICE FREEZE IN MINDANAO

On 1 Aug. 2017, DTI Sec. Ramon Lopez called a Special Meeting for the members of the National Price Coordinating Council to determine whether there is need to extend the Price Freeze in Mindanao considering the extension of the state of Martial Law by the President in that southern island.  By law, price freezes last for 60 days and is not necessarily co-terminus with the state of calamity or Martial Law as declared in an area.  Usec. Ted Pascua explained the logic in determining the corresponding price ceiling when a price freeze is called to order.  Dir. Lilian Salonga explains how the field personnel of DTI monitored prices per province/area to come up with the report on price movements in the countryside.  When asked about the stability of the peso versus the U.S. dollar, representatives from the BSP showed their fearless forecast that barring any unforeseen circumstances, the peso should stabilize where it is today and should not negatively affect the prices of basic necessities and prime commodities.  After the NPCC Meeting, PAGASA’s STC was requested to stay behind for the press conference that took place at the BOI Building.

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