Cebu Provincial Board Members Victor Maambong and Peter John Calderon are supporting the move of the Department of Trade and Industry (DTI) to charge with profiteering retailers who unjustly increase prices of basic commodities.
“In these times where prices of basic commodities such as rice, canned goods and among others are unstable and unpredictable, it is imperative for agencies of our government to opportunely act and implement measures against unscrupulous retailers who intended to profit not only by the value of the goods they sold but also by the penury of the present time to the prejudice of our impoverished people,” said Maambong and Calderon in a joint proposed resolution.
Those found guilty of profiteering will face from five to 15 years of imprisonment and a fine of P5,000 to P2 million.
Profiteering, as defined in Section 5 of the Republic Act No. 7581, also known as The Price Act, is the sale of basic necessity or prime commodity at a price grossly in excess of its true worth. The law said retailers should sell products on profit at 10 percent of its basic price.
The two board members also support the move of the DTI to publish and post the suggested retail prices of basic commodities at public markets and supermarkets to guide consumers.
“Though we maintained that sales profits are necessary to our trade and economy, it is imperative that it espouses certain principles of morality particularly on prices of basic commodities as these involve our national survival,” Maambong and Calderon said.
DTI Undersecretary Zenaida Maglaya said manufacturers had promised the government to help in its crackdown against profiteering retailers. She said manufacturers are also affected by the unjust price increases of basic commodities. — Gary B. Lao/LPM