The Department of Trade and Industry (DTI) on Saturday cautioned retailers against hoarding essential goods or imposing excessive price increases as hostilities in the Middle East continue to disrupt global markets.
The agency reminded businesses that hoarding and profiteering are punishable under the Price Act of the Philippines, with violators facing penalties of up to 15 years in prison and fines of as much as ₱2 million.
“Penalties await those found guilty, with strict enforcement of the Price Act (Republic Act No. 7581) and other relevant laws,” the DTI said in a statement.
“The most severe punishment for such activities, classified as illegal price manipulation, are 15 years imprisonment and a fine of up to ₱2 million.”
The department also urged consumers to remain vigilant and report suspected cases of price manipulation to authorities.
Earlier, Trade Secretary Cristina Roque assured the public that manufacturers have enough supplies of basic goods to last for up to two months.
The DTI said it will intensify price monitoring activities to ensure retailers keep prices reasonable during the crisis.
However, it also warned that rising fuel costs could affect logistics and distribution, potentially leading to higher prices for some basic commodities.