The online news portal of TV5
MANILA, Philippines -- President Benigno Aquino III said a pharmaceutical company that has reportedly jacked up the prices of its medicine by up to 750 percent is being investigated and warned that the government would directly import the same drug if necessary.
Aquino did not name the company or the overpriced medicine, but said the drug is one that is very much needed during calamities such as the flooding that inundated most of Metro Manila and many surrounding regions.
"This is inhumane. This is un-Filipino. We have received reports that this pharmaceutical increased the price (of medicine) by 750 percent," Aquino said during a visit to an evacuation site in Caloocan City on Thursday.
"May we remind everyone that price controls are in effect in times of calamities,” he stressed. “If this company does not shape up, we will use all the powers available to the government ... If we need to directly import this medicine, we will do so."
"We know who you are. We are now investigating this," he added.
Aquino also warned people spreading disinformation through text messages.
He particularly took exception to one text message claiming Meralco would shut down the entire Luzon grid Wednesday.