Marcos: Gov't monitoring 'price gouging' of goods

CAPAS CITY — President Ferdinand "Bongbong" Marcos Jr. said Wednesday the government is monitoring "price gouging" in the consumer market.

Marcos made the statement as he noticed that the prices of some goods have already increased.

"Iyon lamang binabantayan natin ngayon 'yung price gouging. Dahil ang dami ko nang nakita nagtataas ng presyo, hindi naman tumaas ang presyo ng langis. So, iyon ang babantayan natin ngayon. That's what we are going to watch," Marcos told reporters. 

(We're monitoring the price gouging. Because I've seen a lot of price hikes even though fuel prices have not increased. So that's what we will monitor right now. That's what we are going to watch.)

Asked if subsidies for drivers and other sectors would continue, Marcos said if the price has not changed, it would be "business as usual." 

"Kung hindi nagbago 'yung presyo, then we do the same like before. Ang sinasabi namin hindi ayuda, subsidy 'pag tumaas ang presyo," Marcos said. 

(If the price has not changed, then we do the same like before. We're saying subsidy if the price has not increased.)

"Eh kung hindi tumaas ang presyo ng langis, then there is no need for that. We can proceed–, we can do business as usual," he added.

(If the price has not increased, then there is no need for that. We can proceed–, we can do business as usual.) 

Petroleum companies are implementing a big-time price hike in fuel products this week on a staggered basis as the Philippines reels from the effects of the Israel-Iran conflict.

In the wake of the development, a group of supermarket owners has said the prices of manufactured items such as canned goods, processed foods, and drinks would depend on the decision of management.

Earlier, Department of Energy officer-in-charge Sharon Garin said that as of June 24, the average price of crude oil stood at about $69 per barrel.

This came after United States President Donald Trump announced that a ceasefire between Israel and Iran was already in place. Trump asked both sides not to violate it. 

Due to this announcement, Garin said the government's fuel subsidy program for the public transport and agriculture sectors might not be activated. — VDV, GMA Integrated News