Palace: Supplies adequate, no need to panic buy amid Middle East unrest

News | National Posted on 2026-03-12 02:38:55

MANILA (PIA) – Malacañang Palace on Tuesday assured the public that supplies of fuel and basic commodities in the country remain sufficient, urging Filipinos to avoid panic buying despite ongoing tensions in the Middle East that are causing uncertainty in global markets.

Claire Castro, Presidential Communications Undersecretary and Palace Press Officer, said during a press briefing that the Department of Trade and Industry (DTI) has not recorded any unusual price increases in basic goods across Metro Manila and other regions.

“There is no need for panic buying because our supply, especially of fuel and basic commodities, remains complete and sufficient,” Castro said.

However, she acknowledged that fuel prices are expected to rise on March 10, attributing the increase to the continuing conflict in the Middle East.

Castro added that oil companies have agreed to implement the price adjustments gradually in order to lessen the impact on consumers.

She also encouraged the public to immediately report any unjustified or excessive price increases to the Department of Trade and Industry and the Department of Energy.

At the same time, the Palace warned traders against taking advantage of the situation through hoarding or profiteering, stressing that violators will face legal consequences under existing laws.

“If you are caught violating the law, such as hoarding or profiteering, the government will not let that go. You will be sued and charged,” Castro said.

She acknowledged that the ongoing crisis in the Middle East and its economic effects are beyond the government’s control but emphasized the need for the public to remain prepared for possible impacts.

“We cannot avoid this. This is not what our government wants. But because of the continuing tensions in the Middle East, our people must be ready,” she said.

The Palace issued the assurance after photos and videos showing long queues and thinning shelves in some stores circulated on social media, reflecting growing concerns about the possible effects of the regional conflict on prices and supply chains.

The administration of Ferdinand R. Marcos Jr. reiterated that protecting the welfare of Filipinos, particularly during periods of external economic pressure, remains a priority, with government agencies closely monitoring market conditions and ready to act against any form of abuse.

NPO NEWS TEAM | PIA - PR

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