President Ferdinand Marcos Jr. has warned businesses against unreasonable price increases on basic goods, following the recent drop in global oil prices after the Iran-Israel ceasefire.
Speaking after leading a recent drug destruction event in Capas, Tarlac, Marcos Jr. noted that oil prices fell from US$79 to US$69 per barrel after the truce, easing earlier concerns.
“So, so far, there is no effect. So, there is no significant effect on the economy,” he said.
The President, however, expressed concern over reports of price gouging. “Dahil ang dami ko nang nakita nagtataas ng presyo, hindi naman tumaas ang presyo ng langis. So, iyon ang babantayan natin ngayon,” according to him.
Price gouging refers to unjustified price hikes on essentials during emergencies or crises.
On Tuesday, Marcos Jr. met with his economic team to assess the Middle East conflict’s impact and draft contingency plans to shield consumers from potential oil-driven inflation.
The Department of Trade and Industry continues to monitor prices and has posted suggested retail prices for basic goods like canned food, bottled water, dairy products, and common household items on its website.IMT
