Malacañang assured the public on Tuesday, March 10, that the Philippines has sufficient supplies of fuel and basic commodities despite rising global oil prices due to the ongoing Middle East crisis. There is no reason for panic buying, the Palace said. Government agencies are closely monitoring the situation to ensure market stability.
On Tuesday, March 10, Claire Castro, undersecretary of the Presidential Communications Office and Palace press officer, addressed the Philippine media delegation in New York City. Castro stated there is no need for panic buying as supplies remain complete and sufficient, particularly for fuel and basic commodities.
"There is no need for panic buying because the supply is complete and still sufficient, especially for our fuel and basic commodities," she said.
The Department of Trade and Industry (DTI) reported no unusual price movements for basic commodities in Metro Manila and other regions. Castro added that any "abnormal" increases in goods or petroleum products should be promptly reported to the DTI and Department of Energy (DOE).
"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," she said.
The DOE has warned gasoline stations against unauthorized or premature price hikes, following reports of daily increases at several outlets. Energy Secretary Sharon Garin reminded oil companies to adhere to the approved schedule, with intensified inspections 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 a three-day staggered price increase for fuel products, in line with DOE guidelines. Castro noted that the government is taking proactive steps to mitigate the effects of the Middle East conflict. Malacañang also issued a stern warning against profiteers seeking to exploit the situation, stating that legal action will be taken against violators.
