MARAWI CITY, Lanao del Sur (PIA) – As Ramadhan begins, the Ministry of Trade, Investments, and Tourism (MTIT) is intensifying its monitoring of business establishments across the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) to prevent price hikes.
MTIT urges traders and entrepreneurs to maintain stable pricing for essential goods, ensuring that families in the region can observe the month without financial strain.
Minister Abuamri Taddik called on traders and entrepreneurs to ensure transparent pricing of essential goods, making them accessible to all families during Ramadhan.
“I urge our traders and entrepreneurs to remain just in pricing essential goods, ensuring that every Bangsamoro family can observe this sacred month without undue burden,” Taddik said.
The Minister emphasized that fair pricing is an economic responsibility and a show of solidarity with the community.
“Let us embody the true spirit of Ramadhan by promoting ethical trade and consumer welfare,” he stressed.
Under the Consumer Act (Republic Act No. 7394), overpricing is considered an unfair sales practice, taking advantage of consumers during a time of need. The Price Act (RA No. 7581) also identifies this as profiteering.
Both laws provide penalties, including fines of up to P300,000 and/or imprisonment of up to one year for those found guilty of overpricing.
Consumers are encouraged to report unfair pricing and support local products that follow fair trade practices.
The Bangsamoro government has also established a joint monitoring team, including representatives from the Ministry of Interior and Local Government (MILG), Ministry of Environment, Natural Resources, and Energy (MENRE), Bangsamoro Planning and Development Authority (BPDA), Ministry of Agriculture, Fisheries, and Agrarian Reform (MAFAR), Bangsamoro Halal Consumer Association, and Metro Cotabato Consumer Association. (BIO/PIA-10/Lanao del Sur)
