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Thursday, March 27, 2008
Nograles wants tougher penalties v. hoarders (5:09 p.m.)
MANILA -- House Speaker Prospero Nograles on Thursday called for a review of the Price Act with the end view of imposing harsher penalties for hoarding and profiteering to fight the continuing rise in the prices of oil and rice.
"It's time we revisit Republic Act (RA) 7581 or the Price Act to determine how to further discourage, if not totally end, illegal acts of manipulating the prices of any basic commodity especially during such time that government is dealing with the continuing rise in the prices of fuel and rice," Nograles said.
Prices of commercial rice ranges from P26 to P33 a kilo. Rice from the National Food Authority (NFA) sells for P18.25 a kilo.
Agriculture Secretary Arthur Yap said last Wednesday that the government is looking to buy 1.8 million tons to 2.2 million tons of rice for this year, up from an earlier 1.6-1.8 million tons, as it tries to secure supplies amid soaring prices.
Nograles said the looming rice shortage gives Congress all the reason "to study how to add teeth to the law to fully deter price manipulation."
The Price Act considers hoarding, profiteering and cartel formation as among the illegal acts tied to the manipulation of the price of any basic necessity or prime commodity. (WV/Sunnex) |
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