The Department of Trade and Industry (DTI) on Saturday warned retailers against hoarding essential goods and engaging in profiteering, saying such illegal practices will not be tolerated as global tensions threaten to drive up oil prices and logistics costs.
Trade Secretary Cristina Roque said authorities are closely monitoring markets to keep prices of basic and prime commodities stable amid uncertainty triggered by the Middle East crisis.
The DTI stressed that violators of the Price Act of the Philippines and related laws face stiff penalties. Illegal price manipulation—including hoarding, profiteering and cartel activities—carries penalties of up to 15 years in prison and fines of as much as P2 million.
Roque also urged consumers to stay vigilant and help authorities detect possible abuses in the market.
“We urge consumers to stay vigilant and to work closely with our agency,” she said.
The public may report suspicious activities to the DTI’s 18 regional offices or through its hotline 1-DTI (1-384). Complaints may also be emailed to Sec@dti.gov.ph.
Speaking at a press briefing late Friday, March 13, Roque said the National Price Coordinating Council had convened to discuss measures to cushion the impact of potential price increases, noting that higher oil prices could push up the cost of transporting basic goods.
She said the DTI will meet with about 30 logistics firms to assess the effect of rising fuel prices on transport costs, followed by consultations with manufacturers on Monday.
“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,” Roque said.
She emphasized that the government is working to keep prices stable, adding that any possible adjustments should remain minimal to protect consumers.
