President ‘Bongbong’ Marcos Jr. joined secretaries Francisco Tiu Laurel Jr. and Cristina Roque in an inspection of prices of commodities at the Agora Market in San Juan. (Photo courtesy of Philippine Star)
By Tracy Cabrera
DILIMAN, Quezon City — Amid the ongoing conflict in the Middle East, the Departments of Agriculture (DA) and Trade and Industry (DTI) have warned against profiteering and hoarding, cautioning that violators could face up to 15 years in prison and fines of up to ₱2 million.
Agriculture Secretary Francisco Tiu Laurel Jr. said, “While price adjustments are understandable amid rising fuel and transport costs, profiteering and hoarding are not.”
Laurel has been conducting market inspections alongside Trade Secretary Maria Cristina Roque to ensure a steady supply of goods and to keep prices in check amid the surge in petroleum and transportation costs.
“Hoarding is a form of economic sabotage, alongside smuggling and profiteering. Such actions artificially raise prices and threaten the livelihoods of farmers and fisherfolk, and they must be met with decisive action,” Laurel stressed.
Roque echoed this, clarifying that illegal price manipulation—including hoarding and profiteering—will face strict enforcement under the Price Act of 1992 (Republic Act No. 7581), which penalizes hoarding, profiteering, and cartel activities.
In 2024, Congress also enacted RA No. 12022, or the Anti-Agricultural Economic Sabotage Act, which covers a wider 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,” Roque said, assuring the public that the country has sufficient supplies of basic goods for up to two months, according to manufacturers.
“To keep prices at reasonable levels during the crisis, we will intensify monitoring through our 18 regional offices nationwide,” she added.
Both officials confirmed that they are closely tracking commodity prices across various markets and supply sources nationwide. They are prepared to implement price caps or ceilings if unjustified price hikes or abuses in basic necessities and prime commodities occur.
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