00:00 With the price of every imaginable commodity going up,
00:03 business owners are making a killing
00:05 while some are taking full advantage of the huge windfall
00:08 to recoup past losses.
00:10 However, such mindset is something that the DTI wants establishment owners
00:14 to reconsider as they run the risk of losing their means of living altogether
00:19 should they go too far.
00:20 How exactly?
00:21 Noel Talacay explains in this report.
00:27 The plea to them is don't go for short-term profits,
00:30 go for the long-term, you know.
00:32 Long-term sustainable business.
00:34 This was the plea of Trade Secretary Alfredo Pascual
00:38 to business sectors following the current price increases on basic commodities.
00:43 Pascual stressed the suggested rate of price, or SRP, must be followed.
00:48 A 10% increase on top of the SRP is a violation of profiteering
00:54 under the Price Act, Pascual added.
00:57 He also said that they are now in talks with the PNP, NBI,
01:01 and other law enforcement agencies for intelligence operations
01:05 against businesses hoarding supplies,
01:07 which is tantamount to economic sabotage.
01:10 We will get together and really combine our resources
01:16 to address the problems that we are talking about.
01:21 He added they are now in collaboration with the Philippine Competition Commission
01:27 to help police business owners engaged in anti-competitive practices
01:32 which contribute or factor in those price increases.
01:36 The purpose of promoting competition is really to prevent,
01:41 to manage the prices that products are paid for products needed by consumers.
01:50 They have powers also to enforce anti-competitive actions
01:58 like hoarding and catalyzation.
02:00 His advice to the public, don't hesitate to report to their office instances
02:06 or incidents of overpricing, price gouging, and hoarding
02:10 so they can be dealt with accordingly.
02:13 Noel Talacay for The Nation.
