The House Committee on Ways and Means has yet to hold formal discussions regarding a potential price freeze on essential goods, according to panel chairperson and Marikina City 2nd District Rep. Miro Quimbo.

In a recent statement, Quimbo clarified that while the issue remains on the horizon, he personally opposes freezing prices—particularly for petroleum products—due to the risk of creating artificial shortages.

"Nakita natin sa karanasan sa kasaysayan natin na kapag frineeze mo, ang selling price abroad is at 120 dollars per barrel, pipilitin natin sila magbenta ng below that, hindi sila magbebenta," Quimbo explained.

Quimbo warned that such market intervention often proves counterproductive, citing historical precedents where price caps led to rationing. He explained that if supply is withheld because of dictated pricing, the basic law of supply and demand would eventually drive costs even higher.

Despite his reservations, the lawmaker noted that the committee still intends to review price controls for essential goods as part of a broader effort to amend the Price Law.

The proposed amendments aim to make the law more responsive to emergency situations. One specific area of focus is the inclusion of "liquid gas"—referring to gasoline—under the scope of the Price Law. While liquefied petroleum gas (LPG) or "gasul" is currently covered by the law, gasoline is not.

"Kasama 'yun sa price law, pero ang gasolina hindi siya kasama. So kabahagi yun sa pag-uusapan," Quimbo added, noting that he does not want to preempt the House Committee on Trade or the chamber as a whole on the final direction of the policy.