Malacañang on Tuesday assured the public that there is no need for panic buying despite concerns that the crisis in the Middle East could affect fuel supply and basic commodities in the Philippines.
According to Palace Press Officer Claire Castro, the country currently has sufficient supply of fuel and essential goods, and the government is closely monitoring the situation.
Castro said data from the Department of Trade and Industry showed no unusual movement in the prices of basic commodities in Metro Manila and other regions.
She added that any abnormal price increases should immediately be reported to the DTI and the Department of Energy so authorities can take action.
Malacañang also warned that businesses or individuals who attempt to take advantage of the situation through unjustified price hikes could face legal consequences.
Earlier, Ferdinand Marcos Jr. assured Filipinos that the government continues to monitor market prices amid the expected global impact of rising oil prices linked to tensions in the Middle East.
