Marcos warns traders: Don't hoard amid Middle East tension

President Ferdinand ''Bongbong'' Marcos Jr. on Friday warned businessmen and traders not to take advantage of the continuing tension in the Middle East. 

In a video message, Marcos assured the public that the government continues to monitor the prices of basic goods in the market as oil prices are expected to soar, which is expected to affect the prices of commodities. 

''Kasabay nito, patuloy na mino-monitor ng pamahalaan ang presyo ng mga bilihin sa mga pamilihan upang matiyak na walang mananamantala sa sitwasyon na ito,'' Marcos said.

''Nakikiusap ako sa ating mga negosyante at mga traders: huwag ninyo sanang samantalahin ang sitwasyong ito. Pinapaalala ko sa lahat na ang hoarding at profiteering ay labag sa batas,'' he added. 

Meanwhile, the Philippine leader assured the public that the government is ready for big-time pump price hikes that are expected in the coming week. He is already talking with Congress to grant him the authority to reduce the excise tax once crude exceeds $80 per barrel.

Tensions in the Middle East heightened last weekend, as US-Israeli airstrikes killed Iranian Supreme Leader Ayatollah Ali Khamenei, which American President Donald Trump celebrated. Iranian state media later confirmed the death.

Trump has stated that combat operations in Iran would continue until all objectives are achieved, confirming that three US service members were killed and that there would likely be more casualties.—LDF, GMA Integrated News