After global oil prices stabilized following the announcement of the Iran-Israel truce, President Ferdinand R. Marcos Jr. on Wednesday ordered concerned authorities to guard against unreasonable price increases on goods and services.

The President said that from USD79 per barrel at the height of the conflict, international oil prices returned to USD69 per barrel after the announcement of the ceasefire.

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

“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,” the President said.

Traders are considered to be engaging in price gouging if they unreasonably jack up the prices of basic necessities and essential services during unpredictable times, such as a state of emergency or disaster.

President Marcos met with his economic team on Tuesday to assess the impact of the Middle East conflict and to prepare contingency plans to protect the Filipino people from oil price hikes.

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

The Department of Trade and Industry has listed in its website suggested retail prices for basic necessities and prime commodities, including canned food products, bottled water, dairy and common household or kitchen supplies. I PND