Hoarding, profiteering punishable by law

DearPAO,

In times of crisis, Ia min deep pain whenever I realize the fact that there are still a number of people out there who are taking advantage of our regretful situation. whenever people would either hoard goods or would sell necessities beyond the normal market price. If I would start my fair share in battling these practices, what law, if any, can I invoke to combat these practices?

Choy

Dear Choy,

The relevant law that tackles your query is found in the provisions of Republic Act ( RA) 7581, as amended by RA 10623, otherwise known as the “Price Act.” Under the said law, hoarding and profiteering are defined and considered as illegal, viz:

“Sec. 5. Illegal Acts of Price Manipulation. - Without prejudice to the provisions of existing laws on goods not covered by this Act, it shall be unlawful for any person habitually engaged in the production, manufacture, importation, storage, transport, distribution, sale or other methods of disposition of goods to engage in the following acts of price manipulation of the price of any basic necessity or prime commodity:

“(1) Hoarding, which is the undue accumulation by a person or combination of persons of any basic commodity beyond his or their normal inventory levels or the unreasonable limitation or refusal to dispose of, sell or distribute the stocks of any basic necessity of prime commodity to the general public or the unjustified taking out of any basic necessity or prime commodity from the channels of reproduction, trade, commerce and industry. xxx.”

“( 2) Profiteering, which is the sale or offering for sale of any basic necessity or prime commodity at a price grossly in excess of its true worth. There shall be prima facie evidence of profiteering whenever a basic necessity or prime commodity being sold: (a) has no price tag; (b) is misrepresented as to its weight or measurement; (c) is adulterated or diluted; or ( d) whenever a person raises the price of any basic necessity or prime commodity he sells or offers for sale to the general public by more than ten percent (10%) of its price in the immediately preceding month: Provided, That, in the case of agricultural crops, fresh fish, fresh marine products, and other seasonal products covered by this Act and as determined by the implementing agency, the prima facie provisions shall not apply; xxx.”

Succinctly, under the Price Act, any person can be held liable for the illegal acts of hoarding and profiteering and the same are penalized as follows:

“Sec. 15. Penalty for Acts of Illegal Price Manipulation. - Any person who commits any act of illegal price manipulation of any basic necessity or prime commodity under Section 5 hereof shall suffer the penalty of imprisonment for a period of not less than five ( 5) years nor more than Fifteen ( 15) years, and shall be imposed a fine of not less than Five thousand pesos ( P5,000) nor more than Two million pesos ( P2,000,000).” ( Emphases supplied)

In sum, the law defined hoarding and profiteering, and made such acts illegal and criminal by penalizing any person found guilty of the commission of these illegal acts with imprisonment and a fine. This law could serve as your basis for any future report/s or arrest that you may do so as a responsible and morally upright citizen.

We hope that we were able to answer your query.

Editor’ s note: Dear PA O is a daily column of the Public Attorney’ s Chief Acostamaybesenttodearpao@manilatimes.net