Catholic business leaders in Philippines pledge to cap prices at Christmas

MANILA, Philippines (CNS) -- A group of Catholic business leaders in the Philippines has forged an agreement to implement a cap on the prices of goods and commodities during the Christmas holiday season.

The group of more than 3,000 entrepreneurs said the decision was made in order not to take advantage of the high demand during the Christmas season, reported ucanews.com.

People in the Catholic-majority nation are expected to begin partying in early December, which tempts businesses to raise the prices of commodities due to high demand.

The business group said having a price cap would remind every Catholic entrepreneur of the mission to God and country.

Capping the price of goods and commodities reminds "each member of the association that although we are in business for profit, we still have a moral obligation to our fellow men," Larry Valdez, president of the Catholic Businessmen Association of the Philippines, told ucanews.com.

Valdez said the groups would release a table of prices that its members would follow in selling goods commonly used during Christmas.

"Millions of Filipinos -- rich or poor -- are working hard to provide food on the table during the Christmas season. The money that they are going to spend is hard-earned. Thus, it should not be taken advantage of by profiteers," Valdez added.

Valdez's group had responded to the call of the country's Catholic bishops, who urged business establishments not to engage in profiteering during the Christmas season.

"The birth of the Lord is fast approaching. It is proper to prepare for it in a special and particular way. While we wait for Advent, let us not forget that Christmas is not an occasion to take advantage of the poor. ... Profiteering makes the rich richer and the poor poorer," the bishops said in their statement.

The business association also asked the Department of Trade and Industry to ensure compliance with the Price Act, a law that prohibits hoarding and manipulation of prices of basic commodities.

DTI Secretary Alfredo Pascual told reporters Nov. 8 that the agency would act as a watchdog against those who would seek to make hefty profits.

In January, authorities filed profiteering charges against 124 business establishments believed to have hoarded essential goods for the 2021 Christmas season.

More than 100 of them were fined, and their business permits were revoked.