Senator Francis “Chiz” Escudero on Tuesday, March 10 called on law enforcement agencies to strictly enforce the law to shield Filipino families from opportunists seeking to take advantage of the ongoing war in the Middle East.

While global instability continues to drive uncertainty in oil prices, Escudero said local profiteers must not be allowed to exploit the crisis and aggravate the hardship and uncertainties confronting ordinary citizens.

“Enforcement must be swift, decisive, and unforgiving to send a strong message that economic sabotage will not be tolerated,” the senator said.

The veteran legislator urged the Department of Energy (DOE) and the Department of Trade and Industry (DTI) to intensify monitoring and enforcement. 

In particular, he said the National Bureau of Investigation (NBI) and the Philippine National Police (PNP) should sustain its operation dismantling profiteering networks, prosecute economic saboteurs and protect consumers.

Escudero pointed out fuel hoarding and profiteering are acts of economic sabotage that weaken the country’s ability to withstand external shocks and inflict harm on the citizenry, especially the middle class and indigent families.

“Petroleum supply is a matter of national security. The government must ensure that no profiteer or hoarder escapes accountability, and that violators face the full weight of penalties prescribed under Republic Act 10623,” Escudero said, referring to the amended Price Act.

He also said that while Presidential Decree 1865 first penalized petroleum hoarding and adulteration during the administration of President Marcos Sr., today’s Price Act goes further by explicitly defining profiteering, hoarding, and cartelization of prime commodities as economic sabotage.  

Under the said law, violators face fines ranging from P5,000 to P2,000,000 and imprisonment of five to 15 years. 

“Every peso added through profiteering is a peso stolen from jeepney drivers, market vendors, and wage earners who already struggle to make ends meet. We must protect the most vulnerable from opportunists who exploit crises for private gain,” he added.  

The lawmaker said he sees no need for consumers to panic or rush to purchase oil products in anticipation of price hikes, despite recent reports of temporary shortages in some gas stations.

“Panic buying only worsens the situation and plays into the hands of profiteers. I call on the public to remain calm and vigilant, while government agencies ensure steady supply and strict enforcement against hoarding,” he stressed.