MANILA -- The Department of Trade and Industry warned rice hoarders and profiteers on Saturday that they will face hefty fine and criminal charges if they are caught illegally stockpiling and jacking up the prices of the staple amid the current unusual increases in rice prices.

In a news forum in Quezon City, Trade Assistant Secretary Agaton Uvero said that by next week, the Department of Agriculture (DA), Department of Trade and Industry (DTI) and local government units (LGUs) will start visiting the major markets, following the issuance of President Ferdinand R. Marcos Jr. of Executive Order (EO) No. 39 putting a cap on rice prices.

“So, iikot po iyong gobyerno, iyong mga composite teams sa mga bodega at hahanapin itong mga profiteers at hoarders at mayroon pong… pwede po silang ma-penalize sa Price Act for profiteering and the hoarding,” Uvero told the forum.

“Mayroon pong administrative fine na can go as high as P2 million o pwede pong ma-seizure iyong mga… itong mga bigas na ito. At mayroon din pong criminal—ano iyan, penalty.”

According to Uvero, the President’s order is clear: to halt the illegal activities of rice hoarders and profiteers and address the rising inflation with rice being one of people’s basic needs.

The trade official said rice prices are not supposed to go up at this time because of a more liberalized rice importation and the staple sourced overseas starts to come in.

“So, nasaan ngayon itong mga imported rice? Ang nakikita ng gobyerno sinasamantala ng mga traders, ng hoarders, ng mga profiteers na ipitin iyong supply sa merkado para tumaas ang presyo,” he said.

“Lumalabas sa pag-aaral na hindi nga lang iyong hoarding at malinaw na may sapat na supply tayo. Hindi po nagkukulang ng supply, may nang-iipit po, iniipit po iyong supply natin, marami pong nakatago sa mga bodega.”

In addition, the President’s EO is aimed at tackling inflation, considering rice as the main contributors to inflation, Uvero said.

“Bigas ang pinakamalaking contributor sa pagtaas ng inflation rate natin base sa mga pag-aaral ng ating mga dalubhasa sa gobyerno. So, iyon ang mga kadahilanan kung bakit kailangan umaksiyon iyong gobyerno,” he explained.

“Pili lang po ang mga sitwasyon na pwedeng makialam ang gobyerno sa presyo. Nasa batas po iyan. Dapat hindi talaga pinapakialaman iyong merkado, free market naman po tayo, pero ito iyong mga sitwasyon na kung kailangan, kailangang may gagawin ang gobyerno.”

Uvero however clarified the current government action is not the permanent solution to the increases in rice prices.

“Temporary lang po ito at as soon as mag-stabilize iyong presyo at papasok na rin po iyong harvest season natin eh tatanggalin na rin uli ito,” he said.

President Marcos approved the recommendation of the DA and the DTI on August 31 for the mandated price ceilings on regular and well-milled rice.

Under EO 39, the mandated price for regular milled rice is PhP41.00 per kilogram while the price cap for well-milled rice is PhP45.00 per kilogram. (PND)