BBM orders vigilance vs. unjustified price hikes

Following the recent truce between Iran and Israel, which helped stabilize global oil prices, President Ferdinand R. Marcos Jr. instructed government agencies last week to closely monitor and prevent unjustified increases in the prices of goods and services.

From a high of USD79 per barrel during the peak of the conflict, international oil prices dropped to USD69 per barrel after the ceasefire, the President said.

“So, so far, there is no effect. So, there is no significant effect on the economy,” President Marcos stated during a media interview after leading the destruction of more than PhP9 billion worth of illegal drugs in Capas, Tarlac.

“Iyon lamang binabantayan natin ngayon, ‘yung price gouging. Dahil ang dami ko nang nakita nagtataas ng presyo, hindi naman tumaas ang presyo ng langis. So, iyon ang babantayan natin ngayon,” he added.

Price gouging, which refers to the excessive and unjustified increase in prices of basic goods during crises or emergencies, has become a concern despite the declining oil prices.

To address this, President Marcos convened his economic team on Tuesday to evaluate the potential effects of the Middle East conflict and devise measures to shield the public from possible fuel-related inflation.

“Nakita natin that the effect on the economy should be manageable. May effect siyempre kahit papaano ‘pag tumaas ang presyo ng langis,” the President noted.

The Department of Trade and Industry (DTI) continues to provide a reference list of suggested retail prices for essential goods and prime commodities—such as canned goods, bottled water, dairy products, and common household items—on its official website.