The Department of Trade and Industry (DTI) has warned retailers against hoarding of essential goods and engaging in profiteering.
The agency's warning comes amid the continuous rise in the prices of fuel and oil crisis brought about by the ongoing conflict in the Middle East.
In a statement released on Saturday, March 14, Trade Secretary Cristina Aldeguer-Roque said that hoarding and profiteering are against the law and will not be tolerated.
"In this time of global uncertainty triggered by the Middle East crisis, the DTI strongly warns all retailers against hoarding essential goods and engaging in profiteering. These illegal practices will not be tolerated," she said.
The agency said that penalties await those found guilty, with strict enforcement of the Price Act (Republic Act No. 7581) and other relevant laws.
The most severe punishment for such activities, classified as illegal price manipulation, are 15 years imprisonment and a fine of up to P2 million.
"We urge consumers to stay vigilant and to work closely with our agency. Report suspicious activities through DTI’s 18 regional offices nationwide or via our contact hotlines 1DTI (1-384). You may also send your complaints directly to Sec@dti.gov.ph. Together, let us safeguard fair trade and protect Filipino families," Roque added.
Meanwhile, the agency said that major manufacturers have not yet requested an adjustment in the suggested retail price (SRP) of basic necessities, amid oil price hikes and impending suspension of the fuel excise tax.
DTI Assistant Secretary Regino Mallari, Jr. told a joint House panel earlier that major manufacturers of basic necessities have affirmed their inventory level at about two months from last week.
“They [manufacturers] have not submitted requests for the adjustment of their suggested retail prices for now.
If excise tax on petroleum products is suspended, the DTI estimates its impact on the price of basic necessities will be at by 2 to 8 percent. This fuel-associated cost vary depending on the product type, with distribution and logistics cost from as low as 0.22 percent to as high as 10 percent of the total production cost,” he said.
Mallari said that if the excise tax is suspended, the estimated SRP impact in peso value will be for canned sardines, P1.13 or 6 percent; bottled water, 16 centavos or 2 percent; processed milk, P1.36 or 4 percent; coffee, 11 centavos or 2 percent; bread, P3.45 or 8 percent; instant noodles, 29 centavos or 4 percent; and canned meat, P1.53 or 8 percent.
The DTI assured the public that supplies of basic goods remain stable.
The agency said manufacturers maintaining enough inventory for at least the next two months despite concerns over possible price shocks.