Palace reviews price controls as basic goods costs rise

Malacañang on Monday said it is reviewing price control measures on basic goods and commodities amid rising costs linked to the global oil situation.

Palace Press Officer Undersecretary Claire Castro, in a briefing, was asked whether items such as water, charcoal, and cooking oil are covered by the Price Act, following reports of price increases despite existing caps.

“I will direct that question to Secretary [Cristina] Roque, as nothing has been reported to us yet,” Castro said in Filipino.

She said the Palace will provide updates once it coordinates with Trade Secretary Roque.

Castro added that the government continues to prioritize securing sufficient oil supply, easing petroleum prices, and providing assistance to Filipinos and farmers.

Republic Act No. 7581, or the Price Act of 1992, ensures the availability of basic necessities and prime commodities at reasonable prices while allowing fair returns for businesses.

The Department of Trade and Industry has also issued suggested retail prices for basic goods, including canned products, water, dairy items, and household supplies.

The law is part of efforts to protect consumers from excessive price increases, particularly as the ongoing Middle East conflict drives up fuel costs.

Castro said prices of basic goods are expected to remain stable until 16 April.