Trade Secretary Cristina Roque said that prices of goods are still stable amid the war in the Middle East and manufacturers have not yet requested for any price increase.
"For now, they have not requested any price increase for basic necessities and prime commodities (BNPCs), but we can't say for sure until we meet with them", Roque told reporters on late Friday at a press briefing.
Roque will be meeting with manufacturers and other industries on Monday to discuss whether a price increase on basic necessities and prime commodities will be imposed.
"If ever there's an increase, we need to see how much, at least to keep the BNPCs at a low and reasonable price. We really need to meet with them. We're doing this on an aggressive basis", she said.
On Saturday, the Trade chief issued a warning to retailers against hoarding essential goods and engaging in profiteering activities amid the war in the Middle East.
“These illegal practices will not be tolerated,” Roque said.
"The most severe punishment for such activities, classified as illegal price manipulation, is 15 years imprisonment and a fine of up to P2 million,” she added.
Republic Act (RA) 7581, as amended by RA 10623, or the Price Act, provides the DTI and other implementing agencies such as the Department of Agriculture (DA), and among others, the mandate of ensuring the availability of BNPCs at reasonable prices at all times.
Under the Price Act, violators breaking the law will face a fine of P5,000 up to P2 million.
The DTI also urged consumers to stay vigilant and work closely with the agency by reporting suspicious activities through DTI’s 18 regional offices or report through 1DTI (1-384) or Sec@dti.gov.ph.
"Together, let us safeguard fair trade and protect Filipino families", Roque said.
