THE Bacolod City Council approved a resolution urging the Department of Energy (DOE) and the Department of Trade and Industry (DTI) to crackdown against hoarding and price manipulation of oil products and essential commodities.
The resolution, authored by Councilor Wilson Gamboa Jr., chairperson of the City Council committee on human rights, calls for coordination with the Philippine National Police (PNP). Gamboa said the measure addresses concerns over the economic impact of the ongoing conflict in the Middle East.
Gamboa said the DOE and DTI should coordinate with the PNP to strengthen monitoring and enforcement efforts against individuals or groups who may exploit the situation by hoarding petroleum products and manipulating prices.
"Government must strike a balance between protecting the interests of the business sector and safeguarding the welfare of the consumers at this time of global instability that would affect the supply and pricing of oil and basic goods," Gamboa said.
Gamboa said Republic Act (RA) 7581 governs price control in the Philippines. The law authorizes the National Government to stabilize the prices of basic necessities and prime commodities during emergencies, disasters, or situations involving unjustified price surges.
Gamboa said under RA 7581, several goods fall under price control measures. These include basic necessities such as rice, corn, bread, fish, meat, eggs, milk, vegetables, cooking oil, salt, sugar, laundry soap, and medicines. Prime commodities include fertilizers and petroleum products.
"There's a need for proactive monitoring and strict enforcement to prevent artificial shortages and unjustified price hikes that could burden consumers," Gamboa said.
Gamboa said vigilance is urgent to protect the public from artificial and distorted price hikes and shortages, particularly when global developments can quickly affect local fuel prices and the cost of basic commodities.
Gamboa said national agencies should take coordinated action to ensure traders and suppliers do not exploit the geopolitical situation in the Middle East to the detriment of the public. (MAP)