Pharmaceutical firm under probe for jacking up price of medicine

MANILA, Philippines - President Aquino bared yesterday a pharmaceutical firm was under investigation for jacking up the price of an essential medicine at this time of disaster and warned profiteers they would face sanctions.

Many localities in Metro Manila and nearby provinces have declared a state of calamity that gives them the power to impose price controls.

Aquino told evacuees in Caloocan City whom he visited that he felt bad some people would take advantage of the Filipinos’ sad plight.

The President said a lot of medicine would be needed by people who might get sick due to various circumstances, especially when staying in evacuation centers, but some people were just “inhumane.”

“There’s a company that is being abusive... What you’re doing is not humane, not pro-Filipino,” he said.

The President said this particular firm that he refused to identify imposed a 750 percent increase on a medicine that was in demand at this time.

“We have to remind people that during state of calamity, there is an existing price control and if this company does not straighten up, the government will act to make right its path,” Aquino said.

“You cannot take advantage of Filipinos, if it is necessary for us to directly import this medicine to ensure that the price is right and dissolve its market, we will do it,” Aquino said.

The President appealed to the company to stop what it was doing because “we have identified you.”

He added that the government is dealing with a lot of problems simultaneously.

Stable prices

The Department of Trade and Industry (DTI), for its part, said yesterday that prices of basic goods are generally stable and within the suggested retail price, while the supply of goods is seen to be adequate even as a price freeze has been imposed in areas under a state of calamity.

Trade Secretary Gregory Domingo said in a statement yesterday that based on a price monitoring visit conducted at the Mega Q-Mart in Quezon City, prices of basic necessities and prime commodities continue to be stable except for vegetables and galunggong (mackarel scad).

The price of vegetables have gone up while the price of galunggong rose slightly to P120 per kilo from P110 per kilo due to the bad weather.

Consumers also reported an increase in sugar prices.

Domingo also said panic buying has not been observed in the supermarkets.

He attributed the supply shortage of instant noodles and canned sardines in the market to bulk buying for relief operations.

“Owners of supermarkets, wet markets, and major manufacturers assured us that there is enough supply and there is no panic buying happening,” he said.

To avoid supply shortage, the DTI is set to meet with manufacturers for the possible setup of a supply center where goods may be sourced for relief operations instead of supermarkets.

Domingo said on Wednesday that a price freeze has been imposed in the areas declared under a state of calamity.

Areas declared under a state of calamity are Marikina, Malabon, Navotas, Valenzuela, Muntinlupa, San Juan, Pasig, Pasay, Caloocan and Pateros in Metro Manila.

Provinces in Central Luzon such as Bataan, Pampanga, Zambales and Bulacan as well as the province of Laguna in Region IV-A and Culion, El Nido and Linacapan in Palawan have also been declared under a state of calamity.

The areas have been declared under a state of calamity following heavy rains which resulted in massive floods.

The price freeze will be implemented for a maximum of 60 days. – With Louella Desiderio