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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