Senate Trade and Commerce Chair Koko Pimentel III on Thursday urged the Department of Trade and Industry (DTI) to take action against wholesalers and retailers who are driving up sugar prices despite the steady mill gate prices of the staple.
“For the past several months, the mill gate prices of sugar have been holding steady at around P1,500 for a 50 kilogram bag. But sugar is now retailing for P60 a kilo despite assurances from the SRA (Sugar Regulatory Administration) that we have adequate stocks of sugar in our warehouses; obviously, there are efforts to artificially drive up the prices of sugar,” said Pimentel.
The lawmaker said that even the DTI acknowledged that there are traders and retailers selling sugar at above the suggested retail prices despite stable sugar supply.
“Sugar is essential in every Filipino household, and government should prevent any attempt to exploit this for profit.”
Earlier, DTI Undersecretary for Consumer Protection Ruth B. Castelo revealed that government is aware of attempts to manipulate sugar prices and that the DTI had issued Letters of Inquiry to retailers selling sugar at prices higher than the SRP.
The senator from Mindanao added that the DTI “should step up monitoring efforts and should not hesitate to throw the book at retailers taking advantage of the demand for sugar.”
“DTI should not hesitate to charge profiteers for violating Republic Act 7581 or the Price Act.”
“Sugar is essential in every Filipino household, and government should prevent any attempt to exploit this for profit,” stressed Pimentel.
According to the legislator, the DTI “should not hesitate to charge profiteers for violating Republic Act 7581 or the Price Act.”
Under Section 15 of the law, explained the lawyer, any person who commits any act of illegal price manipulation of any basic necessity or prime commodity such as profiteering, hoarding, and engaging in a cartel shall suffer a penalty of imprisonment of not less than five years and not more than 15 years, and pay a fine of not less than P5,000 and not more than P2 million.
