DTI warns hoarders, profiteers of penalties
The Department of Trade and Industry (DTI) on Saturday warned retailers against hoarding essential goods and profiteering, saying violators could face up to 15 years in prison and fines of up to P2 million.
This warning comes as global uncertainty linked to the ongoing Middle East crisis heightens concerns about potential supply disruptions and price pressures, particularly on basic necessities and key commodities.
In a statement, the Trade Secretary Cristina Roque said illegal price manipulation—including hoarding and profiteering—would be met with “strict enforcement” under the Price Act of 1992, or Republic Act No. 7581, the main law that penalizes hoarding, profiteering and cartel activities.
In the agricultural and fishery sectors, Congress in 2024 enacted RA No. 12022, or the Anti-Agricultural Economic Sabotage Act, which specifies a broader range of products, including rice, corn, beef, pork, poultry, garlic, onions, carrots, fruits, fish, salt, palm oil, sugar and tobacco.
“These illegal practices will not be tolerated,” said Roque, who had earlier said the country has enough supply of basic goods for up to two months, citing information from manufacturers.
To ensure prices remain at “reasonable” levels amid the crisis, Roque said the DTI would intensify price monitoring through its 18 regional offices nationwide.
For now, the National Price Coordinating Council (NPCC) sees no need to freeze prices on basic goods, according to Steven Cua, president of the Philippine Amalgamated Supermarkets Association.
No price freeze, no price hike
“No price freeze is determined as necessary for the moment,” Cua, who sits on the council, told the Inquirer after the NPCC meeting held on March 13. “Constant review to be carried out by NPCC.”
During the meeting, Roque said the council discussed measures to help keep prices stable.
“Each department is redefining their own set of parameters to determine at what point should they define and call a situation an emergency so they can administer radical moves in addressing such situations,” Cua said.
“In the meantime, they have grouped solutions or measures as urgent, short-term and long-term in addressing the varied scenarios confronting the different segments of governance and society,” he added.
Roque also said she met with logistics companies on Saturday to assess the impact of the global oil crunch on their operations.
She earlier proposed a temporary moratorium on toll fees for cargo and delivery vehicles transporting basic necessities and prime commodities along major expressways.
On Monday, Roque is scheduled to meet with manufacturers.
“For now, they have not requested any price increase for basic necessities and prime commodities, but we can’t say for sure until we meet with them on Monday,” she added.
On Friday, Roque spoke at the end of the ministerial meeting of the Association of Southeast Nations (Asean) in Taguig City, and stressed the impact of the Middle East crisis on global energy markets, shipping routes, and inflation, with the bloc emphasizing coordinated responses to stabilize supply chains and trade flows.
Asean foreign and economic ministers in their official statement, called for an immediate halt to the war in the Middle East, and said the effects of surging oil prices and disrupted trade are already hitting Southeast Asia’s economies.
