President Ferdinand Marcos Jr. has instructed concerned government agencies to prevent price gouging and unjustified increases in oil and other essential commodities as tensions in the Middle East threaten global supply chains.
During a Palace press briefing, Communications Undersecretary and Palace Press Officer Claire Castro said safeguards are being put in place to ensure that businesses and traders do not exploit the situation.
“Hindi pa po ‘yan napapanahon,” Castro said when asked about a possible oil price hike amid the ongoing conflict in the Middle East.
She added that the President had already directed various agencies to act, including the Department of Trade and Industry (DTI).
“Nakita po natin na binanggit din po mismo ni (Migrant Workers) Secretary Hans Cacdac na inutusan na po ng ating Pangulo ang iba’t ibang ahensya para po hindi magkaroon ng pang-aabuso kasama po ang DTI (Department of Trade and Industry) dito,” she said.
According to Castro, the DTI has been tasked to intensify price monitoring, while other agencies were ordered to ensure sufficient supply and prevent speculative hoarding.
Energy Secretary Sharon Garin is also set to meet with oil industry representatives operating in the country to address pricing concerns and maintain market stability.
Malacañang said the government stands ready to implement targeted subsidies for vulnerable sectors to cushion the potential impact of fuel and commodity price increases.
The directive comes as global oil markets respond to escalating hostilities in the Middle East — a key oil-producing region — raising fears of possible spillover effects on domestic inflation and transportation costs.