Businesses that demonstrate greed in times of crises--including the current phase of runaway fuel prices--will not be spared by the government.

Thus, said Senator Francis "Kiko" Pangilinan, who on Black Saturday, April 4 reckoned that businessmen and traders must never profit from other people’s suffering.

“Walang tamang panahon ang pananamantala, walang tamang panahon para gawing negosyo ang pagdurusa ng taumbayan, pero lalo na ngayong nasa krisis tayo (There is never a right time to exploit; there is never a right time to turn the people’s suffering into a business, especially now that we are in a crisis)?" Pangilinan said.

“If you sell basic goods at grossly excessive prices, the law is very clear, that is profiteering and you can go to jail for it,” he said.

Pangilinan said that under the Price Act (Republic Act No. 7581, as amended by RA 10623), price manipulation of basic necessities and prime commodities is strictly prohibited and punishable by law.

“May batas tayong malinaw. Kung sakim ka sa gitna ng krisis, handa ang gobyerno na habulin ka (We have clear laws. If you are greedy in the middle of a crisis, the government is ready to go after you),” he said.

“The Price Act gives the government the power to act swiftly against those who hoard stocks or arbitrarily hike prices of rice, vegetables, meat, fish, and other basic necessities,” he pointed out.

Pangilinan has condemned profiteering and hoarding which is “plainly illegal and immoral", especially as the whole nation is greatly burdened by rising costs.

Under the law, profiteering means the sale or offering for sale of any basic necessity or prime commodity at a price grossly in excess of its true worth, while hoarding involves stockpiling basic goods far beyond normal levels, or deliberately withholding from the public to drive prices up.

“These are criminal offenses. Profiteering and hoarding can mean imprisonment of several years and hefty fines, on top of closure of your business and cancellation of permits,” said Pangilinan.

“Hindi ito simpleng slap on the wrist. Kung manloloko ka sa presyo, huwag mong asahang palalampasin lang (This is not a mere slap on the wrist. If you cheat on prices, do not expect to be let off)”

Pangilinan, chairman of the Senate Committee on Agriculture, Food, and Agrarian Reform, says authorities are closely monitoring markets: “Our economic managers and enforcement teams are watching the markets closely.”

“DTI (Department of Trade and Industry) is keeping an eye on supermarkets and groceries, while DA (Department of Agriculture) is monitoring prices of rice, vegetables, meat, fish and other agricultural products in wet markets,” he added.

The Liberal Party (LP) senator urged authorities to swiftly denforcement the law. “I expect DA and DTI not just to monitor, but to act. Kapag may matibay na ebidensya ng profiteering at hoarding, kasuhan agad (When there is solid evidence of profiteering and hoarding, prosecute immediately).

Pangilinan also called on consumers to report violations and lauded honest businesses and fair traders who refused to exploit the crisis.