Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

Congress of the Philippines : Life imprisonment for rice hoarding and profiteering: Rodriguez

10/14/2012 | 10:48pm US/Eastern

Source: Public Relations and Information Bureau

Life imprisonment for rice hoarding and profiteering: Rodriguez

Send FeedBack
15 October 2012 10:15:56 AM
Writer: Dionisio P. Tubianosa, Media Relations Service

To ensure the nation's food security and prevent future artificial rice shortage, a lawmaker insists that the act of rice hoarding and profiteering be declared as a crime of economic sabotage.

"The State must ensure food security/sufficiency to meet the needs of the people and should penalize hoarding and profiteering especially in time of disasters and calamities," Cagayan de Oro City Rep. Rufus Rodriguez and Abante Mindanao Party-list Rep. Maximo Rodriguez, Jr. declared.

The Cagayan de Oro City lawmaker proposes under HB 2733, referred to and under consideration by the House Committee on Justice, that rice hoarding and profiteering be declared a crime of economic sabotage to be penalized by life imprisonment and a fine of P100,000.

As food staple, rice dominates the diet of roughly half the world's population, most of them poor, the authors noted.

"Ironically for us, the Philippines has 14 million hectares of agricultural lands, yet we still import rice. There were times we experienced rice shortage because of rising fuel prices, flooding due to climate change, development of farmlands for homes and even gold courses, reduced global stocks, rising affluence throughout Asia and Africa and pest outbreak in Vietnam, the world's second largest rice exporters after Thailand," they pointed out.

To aggravate the situation, Rodriguez said rice farmers and traders, taking advantage of the situation, are hoarding rice.

"It is just timely not to wait until another rice shortage hits the country, whether artificial or not, for government to move and act to prevent such food crisis affecting mostly poor families that can't afford the rising prices," the authors stressed.


Total views: 7

distributed by
React to this article
Latest news
Date Title
1m ago RESEARCH AND MARKETS : Global Next Generation Sequencing Technologies Market Analysis - Trends & Forecast to 2020
4m ago UNITED SECURITY BANCSHARES : 2014 Q4 Dividend Press Release (11/21/2014)
4m ago UN UNITED NATIONS : Amid ‘anaemic’ job creation, Greece risks prolonged social crisis – UN report
4m ago TAPIMMUNE : CEO Discusses Company’s Clinical Programs in Recent Print and Radio Interviews
4m ago TURKIYE GARANTI BANKASI A S : Announcement regarding Global Medium Term Notes Program
4m ago RED ELECTRICA CORPORACION : Eléctrica acquires the rights to use and manage the fibre optic network owned by ADIF
4m ago DIGITAL REALTY : Change in Directors or Principal Officers, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)
4m ago GOOGLE 'C' : Red Cherry, a Calgary Based Web Design and Software Company Discusses How Google Is Bringing Material Design Animations to the Web
4m ago GOVERNMENT OF FRENCH REPUBLIC PRIME MINISTER : France has not lost its charm #FiersdelaFrance (Proud of France)
5m ago ASSICURAZIONI GENERALI : Generali wins bid to insure Milan Expo 2015 - update
Latest news
Advertisement
Hot News 
SOLID STATE : Confident As First-Half Profit Nearly Triples
AVINGTRANS : Revises Down Expectations On Demand Drop, Contract Delays
RenaissanceRe to buy Platinum Underwriters for $1.9 billion
ECKOH : Confident In Meeting Market Expectations As It Swings To Profit
TLA WORLDWIDE : Says Real Madrid To Play In ICC Tournament In Australia
Most Read News
1d ago MANCHESTER UNITED : Red Devils Believed to Have Agreed Herrera Deal
1d agoDJYear-Old Messaging App Yik Yak Draws Big Valuation
1d ago PEARSON : chief promises a big push into China's education sector
1d ago VOLKSWAGEN : moves forward with dynamic young image
1d ago VOLVO : Being itself by being different gives Volvo Scandinavian edge
Most recommended articles
15m agoDJUnited Technologies CEO Chenevert Abruptly Steps Down -- 3rd Update
21m agoDJWhat Will Economy-Watchers Be Thankful For? -- Data Week Ahead Update
21m agoDJBOND REPORT : Treasury Yields Fall After Weak Chicago Fed Index Data
22m agoDJECB's Weidmann Says Monetary Policy Alone Can't Lead to Growth
26m ago TSX lower as oil weighs, but Hudson's Bay jumps
Dynamic quotes  
ON
| OFF