DTI warns hoarders, profiteers: 15 years in jail, P2-M fines

The Department of Trade and Industry (DTI) in the Philippines has issued stern warnings against hoarders and profiteers of essential goods, particularly in response to global uncertainties including the Middle East crisis that could potentially disrupt supply chains. Under Republic Act 10623 (the amended Price Act), violators face severe penalties including administrative fines up to P2 million and imprisonment ranging from 5 to 15 years for offenses such as hoarding, profiteering, and cartelization of prime commodities. The DTI, in coordination with other government agencies including the Department of Energy (DOE), has intensified market monitoring and enforcement efforts to prevent artificial shortages and price manipulation.

Senator Francis "Chiz" Escudero has called for the full enforcement of these laws, particularly targeting fuel hoarders and profiteers amid global oil price instability stemming from Middle East tensions. He emphasized that petroleum supply should be treated as a national security issue and urged the DTI and DOE to coordinate with the National Bureau of Investigation (NBI) and Philippine National Police (PNP) to dismantle illegal networks. The DOE has separately flagged potential profiteering and hoarding in the petroleum sector, warning of legal consequences under Presidential Decree 1865 which specifically penalizes petroleum hoarding and overpricing.

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DTI Secretary Alfredo Pascual has consistently warned against abusive practices by unscrupulous traders, stating in various public advisories that the government will crack down hard on hoarders and price manipulators. The department conducts regular "Ikot Palengke" market inspections to monitor compliance and address issues of profiteering, hoarding, and artificial shortages that affect prices of essential goods. During periods of crisis, such as typhoons or declared states of calamity, the DTI implements price freezes on basic commodities and intensifies monitoring to ensure retailers do not engage in hoarding or profiteering.

In addition to the Price Act, President Ferdinand Marcos Jr. signed Republic Act No. 12022, the Anti-Agricultural Economic Sabotage Act, which classifies smuggling, profiteering, and hoarding of agricultural products worth over P10 million as economic sabotage with even more severe penalties including life imprisonment and fines up to five times the goods' value. The government has established mechanisms for public reporting of suspected hoarding or profiteering activities and offers rewards up to P20 million for informants whose reports lead to successful convictions under the anti-economic sabotage law.