The Department of Trade and Industry (DTI) is seeking the explanation of business owners with reported violation of the prevailing suggested retail price (SRP) of selected products.
According to DTI Secretary Ramon Lopez, more than 1,000 business owners have been handed letters asking them to justify the prices of their products.
At least 274 businesses were proven to have violated the implementation of the SRP and 16 are now facing charges, data from the department show.
Based on the Price Act, individuals illegally manipulating prices of basic commodities may face five to 15 years imprisonment and may be fined between ₱5,000 to ₱2 million. – PTV News
