Definitions of Key Terms
- Prime and Essential Commodities: Broad range of goods considered critical to public welfare and economic stability.
- Hoarding: Undue accumulation beyond normal inventory or unjust refusal to sell/distribute, including removing goods from trade channels.
- Profiteering: Selling goods at prices that are fraudulently or excessively high relative to intrinsic value.
- Price Manipulation: Artificial inflation or deflation of prices by those capable of influencing market prices.
Powers and Duties of the Minister of Trade and Industry
- Authorized to implement measures to prevent hoarding, profiteering, and price manipulation.
- May deputize other ministries, agencies, and local government units to assist in enforcement.
Role of Local Governments and Law Enforcement
- Local government units must report cases upon deputization by the Minister of Trade and Industry.
- The Armed Forces' Chief of Staff directs law enforcement to apprehend violators.
Prosecutorial Responsibility
- The Ministry of Justice is mandated to prosecute offenders with full application of the law.
Penalties for Hoarding, Profiteering, and Price Manipulation
- Imprisonment: Minimum of 6 months to maximum of 5 years.
- Fines ranging from PHP 2,000 to PHP 20,000.
- Forfeiture of the commodities involved.
- Additional penalties for aliens including immediate deportation after serving sentence.
- Naturalized citizens lose citizenship and face deportation post sentence.
- Corporate officers responsible for violations by their entities are criminally liable.
Administrative Sanctions Imposable by the Minister
- Cease and desist orders.
- Voluntary assurances of compliance or discontinuance.
- Seizure of offending products.
- Administrative fines from PHP 500 up to PHP 100,000 plus PHP 500 per day of continued violation.
- Cancellation or suspension (up to 1 year) of permits, licenses, authority, or registrations.
- Withholding of permits or licenses being applied for.
- Censure and other analogous sanctions.
Effectivity
- The instructions take effect immediately upon issuance, emphasizing swift government action to maintain market stability and protect consumers against exploitative practices.