Kiko Pangilinan warns vs profiteering, hoarding amid crisis

Senator Francis “Kiko” Pangilinan on Saturday warned traders and retailers against profiteering and hoarding as the war in the Middle East drives up fuel and food prices.

The chairman of the Senate Committee on Agriculture, Food, and Agrarian Reform reminded the public that the Holy Week should be for remembrance of Christ’s sacrifice, not opportunism. 

“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 senator said.

He described profiteering and hoarding as “plainly illegal and immoral,” especially as the whole nation is greatly burdened by rising costs. 

He 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.

“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,” he said.

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 them from the public to drive prices up.

“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,” Pangilinan said.

The senator said authorities are closely monitoring markets.

“Our economic managers and enforcement teams are watching the markets closely,” he said.

“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.

Pangilinan also called on consumers to report violations and lauded  honest businesses and fair traders who refused to exploit the crisis. —VAL, GMA News