00:00 The Trade and Industry Department is strictly monitoring the businessmen who are hoarding their products
00:07 so that the prices of these products will increase.
00:10 Noel Talacan has more.
00:12 My plea to them is don't go for short-term profits, go for the long-term, long-term sustainable business.
00:22 This is the call of Trade Secretary Alfredo Pascual to the businessmen who are concerned about the rising prices of some of the top-selling products in the country.
00:32 According to Pascual, the suggested retail price should still be followed because if the price exceeds 10%,
00:41 the businessmen who are included in the Price Act will be subject to profit-tiering.
00:47 DTI is also monitoring the hoarders because it is considered economic sabotage.
00:54 They are also consulting with the authorities for intelligence operations.
01:00 We will get together and really combine our resources to address the problems that we are talking about.
01:10 DTI is also consulting with the Philippine Competition Commission to monitor and punish those who are committing anti-competitive practices
01:21 that are raising the prices of the top-selling products in the country.
01:26 The purpose of promoting competition is really to prevent, to manage the prices that the products are paid for products needed by consumers.
01:40 They have powers also to enforce anti-competitive actions like hoarding and catalyzation.
01:51 DTI's advice to the public, do not be naive. Contact the agency for information on overpriced products and hoarding so that it can be acted on immediately.
02:02 Noel Talacay for the nation.
