CAGAYAN de Oro City Councilor George Goking on Wednesday cautioned the public against hoarding of basic and prime commodities after the Department of Trade and Industry (DTI) disclosed the latest suggested retail price (SRP) list as of April 15, 2022.

Goking, chair of the City Council's committees on Ways and Means and on Trade and Commerce said the DTI provided SRPs for basic necessities such as, but not limited to, canned and other food products, bottled water, dairy, and common household or kitchen supplies.

“I am continue warning establishments against raising their prices and taking advantage of the COVID-19 situation,” said Goking.

Hoarding would also result panic-buying according to Goking that would create an artificial shortage of commodities despite ample inventory available in the market.

“With my stronger Bantay-Presyo advocacy, we hope to apprehend erring retailers, unscrupulous traders and hoarders, and file appropriate charges against them for violating the Price Act or R.A. 7581,” the councilor explained.

The Price Act protects consumers by stabilizing the prices of basic necessities and prime commodities, and by prescribing measures against undue price increases during emergency situations, natural occurrences or man-made disasters.

Further, Goking said the price freeze policy is contained under a joint memorandum circular forged by the DA, Department of Trade and Industry, and the Department of Health.

His statement also came as the Department of Energy (DOE) on Monday warned illegal resellers of petroleum products after the agency found one of the dealers in the city selling inferior fuel.

“This firm did not pass the standard quality of their fuel products,” said Goking.

Hoarders and this petroleum dealer would face the full force of the law even if local government officials tolerate the illegal activity in their jurisdictions, according to Goking.

“With the city's price coordinating council, Goking said grocery stores and other outlets are being monitored to ensure they are sticking to the existing suggested retail prices, he said.

The manufacturers also cannot just increase their prices without seeking approval from the DTI, he added.

Goking also explained that if ever there is an increase in basic and prime commodities, it will not take effect immediately, because manufacturers have at least three months of stock inventory that have to be consumed.

He clarified that the DTI’s coverage is limited to basic necessities and prime commodities while fuel and other products, such as in the agriculture sector, are to be monitored by the local price coordinating council, where he was a regular member. (Ben Balce)