As the war in the Middle East drives up fuel and food prices, and as Filipinos observed Holy Week, Senator Kiko Pangilinan warned traders and retailers against exploiting the crisis, stressing that price gougers and hoarders face criminal charges.
Pangilinan said the season, honoring the solemn remembrance of Christ’s sacrifice, should guide us toward compassion, not opportunism.
“Walang tamang panahon para gawing negosyo ang pagdurusa ng taumbayan, pero lalo na ngayong nasa krisis tayo.”
“Walang tamang panahon ang pananamantala, walang tamang panahon para gawing negosyo ang pagdurusa ng taumbayan, pero lalo na ngayong nasa krisis tayo,” the veteran legislator pointed out. “If you sell basic goods at grossly excessive prices, the law is very clear, that is profiteering and you can go to jail for it.”
The seasoned lawmaker condemned profiteering and hoarding which is “plainly illegal and immoral,” especially as the whole nation is greatly burdened by rising costs.
The senator said that under the Price Act (Republic Act No. 7581, as amended by RA 10623), price manipulation of basic necessities and prime commodities is strictly prohibited and punishable by law.
“May batas tayong malinaw. Kung sakim ka sa gitna ng krisis, handa ang gobyerno na habulin ka,” he said.
“The Price Act gives the government the power to act swiftly against those who hoard stocks or arbitrarily hike prices of rice, vegetables, meat, fish, and other basic necessities,” Pangilinan added.
Under the law, profiteering means the sale or offering for sale of any basic necessity or prime commodity at a price grossly in excess of its true worth, while hoarding involves stockpiling basic goods far beyond normal levels, or deliberately withholding from the public to drive prices up.
“Profiteering and hoarding can mean imprisonment of several years and hefty fines, on top of closure of your business and cancellation of permits.”
“These are criminal offenses. Profiteering and hoarding can mean imprisonment of several years and hefty fines, on top of closure of your business and cancellation of permits,” he said. “Hindi ito simpleng slap on the wrist. Kung manloloko ka sa presyo, huwag mong asahang palalampasin lang.”
Pangilinan said authorities are closely monitoring markets: “Our economic managers and enforcement teams are watching the markets closely.”
“DTI is keeping an eye on supermarkets and groceries, while DA is monitoring prices of rice, vegetables, meat, fish and other agricultural products in wet markets,” he added.
The chairman of the Senate Committee on Agriculture, Food, and Agrarian Reform urged swift enforcement: “I expect DA and DTI not just to monitor, but to act. Kapag may matibay na ebidensya ng profiteering at hoarding, kasuhan agad.”
Pangilinan also called on consumers to report violations and lauded honest businesses and fair traders who refused to exploit the crisis.
“Sa mga negosyanteng patas magpresyo, saludo kami sa inyo,” he concluded.
