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
Latest news
Date Title
15m ago FYFFES : Banana split as Fyffes merger fails
15m ago SUN LIFE : Lawyers and local authorities 'driving up cost of funerals'
15m ago Tennent's owner has thirst for Spirit
15m ago ABBVIE : Shire finds prescription for growth as it posts record earnings
15m ago ATLANTIS RESOURCES : raises pound(s)5m for Pentland scheme
15m ago JOHNSTON PRESS : cuts shares in issue
15m ago OMEGA DIAGNOSTICS : shares plunge after profits warning
15m ago LAFARGE : DSTV Take On Flame Lily
16m ago PUBLICIS GROUPE : UK revenue declines 2.6%
16m ago PROOFPOINT : gets into social media security with $35M Nexgate buy
Latest news
Advertisement
Hot News 
DIGITAL RIVER : Announces Agreement to be Acquired by Investor Group Led by Siris Capital Group for $26.00 per Share in Cash
EDREAMS ODIGEO : Statement responding to BA and Iberia statement
4IMPRINT : Full Year Expectations Underpinned By Strong Third Quarter
ATLANTIS RESOURCES : Raises GBP5.0 Million In Discounted Placing (ALLISS)
MERIT MEDICAL SYSTEMS : posts 3Q profit
Most Read News
1d ago MATSON : Shipping company pleads guilty in molasses spill
1d ago HEARTLAND EXPRESS : 2014 Q3 Earnings Release
1d ago APPLE : Time for all Apple products to enter China
1d ago Fannie Mae settles shareholder lawsuit for $170 million
1d ago Google's Pichai to oversee major products and services
Most recommended articles
28m ago Areva-Siemens raises claim to $4.4 billion over Finnish reactor delays
2h ago India's finance minister favors interest rate cut
2h ago CHINA'S AUTO MARKET GROWTH MAY HALVE TO 7 PERCENT THIS YEAR : industry body head
3h ago South Korea fund to abstain from Samsung merger vote, wants share buybacks
1d agoDJOregon Initiative Seeks Lower Pot Taxes Than Cities Want
Dynamic quotes  
ON
| OFF