DTI warns vs hoarding essential goods amid oil price hikes

Trade Secretary Cristina Roque on Saturday issued a warning against hoarding of essential goods amid possible price shocks resulting from fuel price volatility amid the Middle East conflict.

“In this time of global uncertainty triggered by the Middle East crisis, the Department of Trade and Industry (DTI) strongly warns all retailers against hoarding essential goods and engaging in profiteering,” Roque said in a statement.

“These illegal practices will not be tolerated,” she said.

The Trade chief said those who are found guilty of hoarding and profiteering will face penalties under the Price Act, or Republic Act 7581, and other relevant laws. 

“The most severe punishment for such activities, classified as illegal price manipulation, is 15 years imprisonment and a fine of up to P2 million,” Roque said.

“Likewise, we urge consumers to stay vigilant and to work closely with our agency. Report suspicious activities through DTI’s 18 regional offices nationwide or via our contact hotlines 1DTI (1-384). You may also send your complaints directly to Sec@dti.gov.ph. Together, let us safeguard fair trade and protect Filipino families,” she said.

Joel Buag, assistant chief of the DTI-Fair Trade Enforcement Bureau Surveillance and Monitoring Division, said at a news forum on Saturday that the agency's monitoring during the first two weeks of March indicated that the supply of essential goods was sufficient.

“Lahat ng mga presyo ng mga ito ay naka-align sa suggested retail price. Wala tayong nakikitang pagtaas sa ngayon na epekto ng pagtaas ng presyo ng langis. Hindi pa naman nakakaapekto sa mga binabantayan ng DTI na mga BNPCs o basic necessities,” Buag said.

(All prices are aligned with the suggested retail price. We do not see any increase so far due to the rise in oil prices. It has not yet affected the BNPCs or basic necessities that the DTI monitors.)

However, the DTI-FTEB official said that if manufacturers formally request price adjustments, the agency will thoroughly review them.

“Sa ngayon wala pa kaming nakukuhang request from manufacturers kung sila ay gustong magtaas [ng presyo]. In case may mag-request, ang DTI ay pag-aaralan ang kanilang mga request kung ito po ay karapat-dapat naman maipatupad ang kanilang hinihinging pagtaas,” he said.

(So far, we have not received any requests from manufacturers if they want to increase [prices]. In case a manufacturer makes a request, the DTI will study it to determine whether to implement an increase.)

“Hanggang May of 2026 ay meron tayong supply ng mga pangunahing bilihin,” he added.

(We have enough supply of basic necessities until May 2026.) —VBL, GMA Integrated News