The Department of Trade and Industry (DTI) has warned businessmen that they can be fined from P500,000 to P1 million if they violate the 'price cap' set on rice.
DTI Assistant Secretary Agaton Uvero announced this while calling on retailers to make sacrifices for the good of the public.
The statement was made after several small rice vendors complained about the P41&ndash;P45 per kilo price cap mandated by the national government.
"Hinihingi ng pamahalaan &lsquo;yung sakripisyo ng mga retailers na tumulong din sila sa mga mamamayan, sa nakakarami," Uvero said.
He further assured that the price ceiling is only temporary due to the arrival of the new imported rice, which will be the key to normalizing the supply of rice in the country, adding that the harvest is said to be approaching.
The price ceiling will take effect on September 5, one day after the policy is published in newspapers.
The DTI, in collaboration with the Department of Agriculture (DA), is expected to deploy personnel in the markets to monitor those following and violating the price ceiling.
The government is said to be in the process of developing possible financial assistance for 'micro, small, and medium rice retailers' who will be affected by the price ceiling.

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DTI warns: P500K to P1 million fine for violating rice price ceiling