Price watch

May 21, 2024 People's Tonight 116 views

THE government cannot afford to have consumer unrest particularly at a time when the Filipino people, notably the poor, are buffeted by so many problems.

That’s why we commend the authorities for vowing that individuals caught engaging in illegal price manipulation would be prosecuted to the fullest extent of the law.

Under Republic Act (RA) No. 7581, otherwise known as the “Price Act,” violators face imprisonment of up to 15 years and fines ranging from P5,000 to P2 million.

The Department of Trade and Industry (DTI) and the Department of Agriculture (DA) are ramping up their price monitoring of commodities as the country awaits the coming of La Nina.

During La Nina, weathermen expect heavier rainfall and possibly more frequent and powerful typhoons and storms.

The Department of the Interior and Local Government and the Department of National Defense are also helping DA and DTI in ensuring fair prices in the country.

Defense Secretary Gilberto “Gibo” Teodoro had earlier assured that the government would not hesitate to go after hoarders and price manipulators across the Philippines.

Teodoro said that whatever support is needed by concerned government agencies, like DTI and DA, “w are here ready to assist them.”

Of course, we agree with Teodoro that access to quality but affordable basic commodities, such as rice and corn, is crucial to the country’s consumers.

Lalo na kapag merong bagyo, baha at ibang natural at man-made disasters.