MANILA, Philippines — Agriculture Secretary Francisco P. Tiu Laurel Jr. on Wednesday cautioned against profiteering and hoarding amid the ongoing war in the Middle East.
“While price adjustments are understandable at a time when fuel and transport costs are rising, profiteering and hoarding are not,” said Tiu Laurel.
On Wednesday morning, the Agriculture secretary went on a joint market inspection at the Agora Market in San Juan City with President Ferdinand Marcos Jr. and Trade Secretary Ma. Cristina Roque.
According to the Department of Agriculture (DA), the inspection aims to guarantee a steady supply and keep prices in check amid the ongoing war in the Middle East. The agency said that the conflict could lead to price increases due to higher fuel and transportation costs.
The DA and Department of Trade and Industry (DTI) said they were both closely monitoring commodity prices from different supply sources and markets across the country. They also noted that they were ready to implement appropriate price cap or price ceiling measures if unreasonable increases or abuses in pricing basic necessities and prime commodities occurred.
Meanwhile, Secretary Tiu Laurel assured the public that government monitoring showed that there was sufficient supply of rice and other food items in the country. He added that the government has also secured key farm inputs and was extending assistance to farmers and fisherfolk to help cushion the possible effects on production costs and prevent spikes in food prices.
