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
04:46a TECH MAHINDRA : ICICI Bank largest launches NFC-based mobile payments in India
04:46a OPTIMAL PAYMENTS : integrates Jumio's ID authentication service
04:46a VERIFONE SYSTEMS : intros Android-based cloud POS product
04:46a VERIFONE SYSTEMS : enlists Thales to protect card data
04:46a WESTERN UNION : enables Skype credit top-up at agent locations
04:43a ELEKTA PUBL : New Leksell Gamma Knife to benefit more patients with brain disease
04:37a JINDAL STEEL & POWER : JSPL Group’s power generation capacity Crosses 37.6 Billion Units of Electricity per Annum
04:31a POPEYES LOUISIANA KITCHEN : appoints former IHOP VP to COO
04:20a TURK HAVA YOLLARI AO : Turkish plane makes emergency landing over engine fire
04:16a New Leksell Gamma Knife to benefit more patients with brain disease
Latest news
Advertisement
Hot News 
GCP STUDENT LIVING : Dividend Declaration and Net Asset Valuation
AERIE PHARMACEUTICALS : Pharma plunges aftermarket as Rhopressa study fails
SYQIC : Gets Working Capital Facility Offer, Improves Cash Position
INNATE PHARMA : and AstraZeneca announce global agreement for IPH2201 in immuno-oncology
French Connection warns on full-year results
Most Read News
04/24DJSTARBUCKS : Works to Get Cash Registers Back On Line
04/24 DEUTSCHE BANK : to split off Postbank via stock market - trade union
04/24 SONY : raises FY 2015 profit forecast to $2.5 billion: Nikkei
04/24 Comcast drops Time Warner Cable bid after antitrust pressure
04/24 U.S. regulator says 'flash crash' manipulation hard to detect
Most recommended articles
02:42aDJSTARBUCKS : Resolves Cash Register Outage in U.S., Canada
04/24 WEEKLY TRADING FORECAST : FOMC, GDP, Greece and Much More Ahead
04/24 Japanese Yen to Look Past BOJ Decision, Focus on Greece and FOMC
04/24 U.S. regulator says 'flash crash' manipulation hard to detect
04/24 Dollar Ready to Reverse Should FOMC, GDP Give its Consent
Dynamic quotes  
ON
| OFF