Bill seeks to protect rice products vs hoarding, profiteering, cartel, price manipulation

A PROPOSED bill seeks filed in the House of Representatives seeks to impose heftier penalties against those involved in “hoarding, profiteering, cartel and price manipulation” of rice products in the country.

Through House Bill 10514 or the “Rice Security and Stability Act,” the rice industry should be protected against possible abuses while the country tries to recover from the effects of the COVID-19 pandemic.

The bill pointed out that the mentioned illegal activities are considered threats to the local rice industry, and will only benefit unscrupulous rice traders and importers.

That is why the House bill seeks to protect the farmers, including the consumers, who continue to face various challenges.

Once ratified, the bill will impose a P5-million fine on those found guilty, plus jail term of not less than six months up to 12 years, and penalties will be doubled for the second offense.

On the other hand, rice products that will be confiscated will be distributed by the government as relief for the needy, particularly those affected by calamities, war and similar situations, or will be sold to accredited markets, while the proceeds will go to programs for local farmers.

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