President Ferdinand R. Marcos Jr. has issued a directive to all relevant government agencies to aggressively monitor the prices of prime commodities and fuel, ensuring that no businesses take advantage of the ongoing conflict in the Middle East to hike prices unfairly.
In a briefing at Malacañang, Presidential Communications Office (PCO) Undersecretary and Palace Press Officer Claire Castro emphasized that the administration is proactively implementing safeguards to protect Filipino consumers from market abuses.
While global tensions often trigger market volatility, Undersecretary Castro clarified that any immediate, drastic price surges—particularly regarding oil—are currently unwarranted.
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Inter-Agency Coordination: The Department of Trade and Industry (DTI) and the Department of Migrant Workers (DMW) are working in tandem to follow the President’s mandate to curb corporate opportunism.
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Direct Engagement with Industry: Department of Energy (DOE) Secretary Sharon Garin is scheduled to meet with local oil company representatives to discuss price stabilization and address supply concerns.
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Ongoing Support: The government confirmed it will continue providing targeted subsidies to vulnerable sectors to cushion the impact of potential fluctuations in the cost of living. “Our President has directed various agencies, including the DTI, to ensure that no abuses are committed,” said Undersecretary Castro. “We are monitoring the situation closely to ensure that private entities do not prematurely or unfairly raise prices.”
The administration remains committed to maintaining economic stability. By engaging directly with stakeholders in the energy and retail sectors, the government aims to prevent “price gouging” and ensure that basic goods remain affordable for every Filipino household.
The Palace assures the public that it will continue to provide updates as the situation in the Middle East evolves and will take necessary legal actions against any entities found engaging in anti-competitive or exploitative practices.
