MANILA, Philippines — Agriculture Secretary Francisco P. Tiu Laurel Jr. On Wednesday cautioned against profiteering and hoarding as the war in the Middle East continues.
Government Response to Potential Price Increases
Secretary Tiu Laurel stated that although adjustments to prices are understandable given rising fuel and transport costs, profiteering and hoarding are unacceptable. He made these remarks during a joint market inspection at the Agora Market in San Juan City alongside President Ferdinand Marcos Jr. And Trade Secretary Ma. Cristina Roque.
The Department of Agriculture (DA) indicated the inspection was conducted to ensure a steady supply of goods and to stabilize prices, acknowledging the potential for increases due to the conflict in the Middle East and its impact on fuel and transportation expenses. Both the DA and the Department of Trade and Industry (DTI) are prepared to implement price controls, including price caps or ceilings, should unreasonable price increases occur for basic necessities and prime commodities.
Secretary Tiu Laurel also assured the public that current government monitoring indicates an adequate supply of rice and other food items. The government has reportedly secured key farm inputs and is providing assistance to farmers and fisherfolk to mitigate potential production cost increases and prevent food price spikes.
Frequently Asked Questions
What prompted the government’s market inspection?
The inspection at the Agora Market in San Juan City was prompted by concerns over potential price increases and supply disruptions related to the ongoing war in the Middle East.
What actions could the government take if prices rise unreasonably?
The DA and DTI stated they are prepared to implement appropriate price cap or price ceiling measures if unreasonable increases or abuses in pricing basic necessities and prime commodities occur.
What assurances has the government given regarding food supply?
Secretary Tiu Laurel assured the public that government monitoring shows a sufficient supply of rice and other food items in the country.
As global events continue to unfold, how might these proactive measures impact the availability and affordability of essential goods for Filipino consumers?