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Vendors attended to their customers buying various food items from their stalls inside the Commonwealth Market in Quezon City on November 22, 2024.
The STAR / Miguel De Guzman
MANILA, Philippines — Malacañang on Tuesday, March 10, assured the public that the Philippines has sufficient supplies of fuel and basic commodities despite rising global oil prices amid the ongoing Middle East crisis.
The Palace said there is no reason for panic buying at retail outlets.
Presidential Communications Office Undersecretary and Palace Press Officer Claire Castro, speaking to the Philippine media delegation in New York City, said that government agencies are closely monitoring the situation to ensure stability in the domestic market.
“Hindi po kailangan magkaroon ng panic buying dahil kumpleto naman po at enough pa po ang supply, lalong-lalo na ang ating fuel at ng ating mga basic commodities,” Castro said.
(There is no need for panic buying because the supply is complete and still sufficient, especially for our fuel and basic commodities.)
According to the Department of Trade and Industry (DTI), there has been no unusual movement in the prices of basic commodities in Metro Manila and other regions.
Castro added that any “abnormal” increases in goods or petroleum products should be reported promptly to the DTI and the Department of Energy (DOE).
“Kung mayroon po na magkakaroon ng abnormal price increase na hindi lang po nararapat sa ngayon, maaari po nila agad-agad na ito ay ibigay at ipaalam sa DTI, pati po sa DOE,” she said.
(If there is an abnormal price increase that is not appropriate at this time, they can immediately report and submit it to the DTI, as well as to the DOE.)
The DOE has also warned gasoline stations against unauthorized or premature price hikes, following reports of daily fuel increases at several stations.
Energy Secretary Sharon Garin reminded oil companies that any adjustments must follow the approved schedule and inspections have been intensified in coordination with the Department of the Interior and Local Government and the Philippine National Police to prevent hoarding, profiteering, or supply manipulation.
On Tuesday morning, several oil companies began implementing a three-day staggered price increase in fuel products, in line with DOE guidelines.
Castro said the government is taking proactive steps to mitigate the effects of the Middle East conflict.
Malacañang also issued a stern warning against profiteers attempting to take advantage of the situation, saying that legal action will be pursued against violators.
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