• GILBERT P. BAYORAN
Anticipating exploitation of the fuel crisis, aggravated by the ongoing armed conflict in the Middle East, Senator Francis “Chiz” Escudero called for the strict and full enforcement of the law against hoarding and profiteering to safeguard Filipino families from opportunists.
Escudero said that while global instability continues to drive uncertainty in oil prices, local profiteers must not be allowed to exploit the crisis and aggravate the hardship and uncertainties confronting ordinary citizens.
With this development, he urged the Department of Energy (DOE) and the Department of Trade and Industry (DTI) to intensify monitoring and enforcement, in close coordination with law enforcement agencies.
In a statement, Escudero said the National Bureau of Investigation (NBI) and the Philippine National Police (PNP) must be swift in dismantling the profiteering networks, prosecute economic saboteurs, and protect consumers.
“Enforcement must be swift, decisive, and unforgiving to send a strong message that economic sabotage will not be tolerated,” he pointed out.
He said fuel hoarding and profiteering are acts of economic sabotage that weaken the country’s ability to withstand external shocks and inflict harm on the citizenry, especially the middle class and indigent families.
“Petroleum supply is a matter of national security. The government must ensure that no profiteer or hoarder escapes accountability, and that violators face the full weight of penalties prescribed under Republic Act 10623,” Escudero said, referring to the amended Price Act Law.
The senator noted that while Presidential Decree 1865 first penalized petroleum hoarding and adulteration during the administration of President Marcos Sr., today’s Price Act goes further by explicitly defining profiteering, hoarding, and cartelization of prime commodities as economic sabotage.
Under the Price Act, violators face fines ranging from P5,000 to P2,000,000 and imprisonment of five to 15 years.
“Every peso added through profiteering is a peso stolen from jeepney drivers, market vendors, and wage earners who already struggle to make ends meet. We must protect the most vulnerable from opportunists who exploit crises for private gain,” he added.
Escudero also appealed to consumers not to panic or rush to purchase fuel in anticipation of price hikes, noting reports of temporary shortages in some gas stations over the weekend.
“Panic buying only worsens the situation and plays into the hands of profiteers. I call on the public to remain calm and vigilant, while government agencies ensure steady supply and strict enforcement against hoarding,” his statement concluded.*
