Philippines : PBBM warns traders vs. manipulation of rice prices
President Ferdinand Marcos Jr., in his 4th SONA, vowed strict action against traders manipulating rice prices, warning that such acts amount to economic sabotage under RA 12022. Offenders face life imprisonment. He highlighted the PHP20/kg rice through Kadiwa stores and intensified crackdowns on smuggling, hoarding, and profiteering in the sector.
MANILA – President Ferdinand R. Marcos Jr. on Monday vowed to take decisive action against unscrupulous traders who would manipulate the prices of agricultural commodities, especially rice.
In his 4th State of the Nation Address delivered at the Batasang Pambansa complex in Quezon City, Marcos said the current administration is focused on dismantling smuggling operations and going after offenders, stressing that economic sabotage cases await them.
“Binabalaan ko ang mga trader na magtatangkang mag-manipula ng presyo ng palay o ng bigas, o manloloko ng mga magsasaka. Hahabulin namin kayo, dahil ang trato namin sa inyong ginagawa ay tinuturing naming economic sabotage (I warn traders who try to manipulate the price of palay or rice, or cheat farmers. We will go after you, because what you are doing is considered economic sabotage),” Marcos said.
In September 2024, Marcos signed Republic Act (RA) 12022 or the Anti-Agricultural Economic Sabotage Act, classifying smuggling, hoarding, profiteering, cartel, and financing of these crimes involving agricultural and fishery products as acts of economic sabotage.
Under RA 12022, offenders will face a penalty of life imprisonment and a fine of up to five times the value of the products involved in the crime.
During his 3rd SONA, Marcos emphasized the need to reduce the prices of rice and other important commodities by boosting local production, supporting the agri-fishery sector – from planting and harvesting to transport and marketing – and minimizing losses.
Marcos’ plan to reduce the price of rice to as low as PHP20 per kg. has become a “fulfilled promise” as it is now being rolled out through Kadiwa stores nationwide.
The “extraordinary” spike in rice prices prompted the Department of Agriculture to declare a food security emergency for the staple in February to allow the agency to release rice buffer stocks and stabilize the prices.
As of July, he intensified the campaign against agricultural smuggling, hoarding, and profiteering, leading to the confiscation of more than PHP3.09 billion worth of smuggled rice and agri-fishery products.
The DA has also partnered with the Philippine National Police to ramp up the efforts against agricultural smuggling. (PNA)
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Source : Sunstar
