The Department of Trade and Industry (DTI) issued a stern warning to retailers against hoarding essential goods and profiteering amid global uncertainties fueled by the ongoing Middle East crisis.
DTI Secretary Cristina Roque said the agency will not tolerate illegal trade practices that exploit consumers.
Under the Price Act (Republic Act No. 7581) and other relevant statutes, the government is prepared to strictly enforce penalties against violators, she said.
The DTI noted that illegal price manipulation carries heavy sanctions to deter market exploitation. These include imprisonment up to 15 years for those found guilty and fines reaching as high as P2 million.
“We are committed to maintaining market stability,” Roque said.
“The law provides us with the tools to ensure that essential goods remain accessible and fairly priced for every Filipino family,” she said.
The department is also calling on the public to assist in monitoring market activities. Consumers are encouraged to report suspicious price hikes or the deliberate withholding of inventory through any of the 18 DTI regional offices nationwide or DTI’s consumer hotline.
“Together, let us safeguard fair trade and protect Filipino families,” the DTI said.
