00:00 onions, sugar, and now rice.
00:03 As prices of these goods spiked over the past months,
00:07 investigation by four Senate committees show that aside from smuggling,
00:11 price manipulation activities are to blame for the costly agricultural and fishery products.
00:18 When there's a shortage,
00:21 his experience, I'm quoting Secretary Mon Lopez,
00:25 his experience, should be monitored by the DTI in the markets.
00:30 Because what happens is, if there's an announcement that there's a shortage of rice,
00:33 they'll immediately change the price.
00:36 If it's P40, they'll remove it and put P50.
00:41 That's all.
00:43 Lawmakers want to not only amend, but repeal the current law concerning this.
00:49 The newly released committee report expands the offenses considered to be economic sabotage
00:55 to include hoarding, profiteering, and cartel.
00:59 Hoarding happens when the stock is 30% more than the usual inventory.
01:04 Profiteering involves misrepresentation of price, weight, and quality of products.
01:10 For example, raising the price to more than 10% of the daily price index set by the Agriculture Department.
01:17 A cartel is present when businesses conspire to create an artificial price increase.
01:23 Those found guilty shall face life imprisonment and a fine of thrice the value of the products seized.
01:29 It will be considered economic sabotage when the amount involved is at least P1 million.
01:36 The small cannot hoard P1 million.
01:39 The big will be hit.
01:42 It won't matter if it's below P1 million.
01:45 The report also seeks to create an Anti-Agricultural Economic Sabotage Council to be led by the President,
01:52 as well as a special team of prosecutors and enforcers.
01:56 Senate Committee on Agriculture Chairperson Cynthia Villar is confident these are enough to go after the masterminds.
02:04 The Supreme Court has agreed that we will create a court specially for anti-agricultural smuggling
02:13 and cartel hoarding law.
02:15 We also removed the power to file cases from the Bureau of Customs
02:20 because I think there is a conflict of interest.
02:23 Senators want it passed before Christmas.
02:27 All consumers can do for now is to make ends meet.
02:31 We only have eggs and noodles.
02:34 We earn P500 a day.
02:36 That's all we have.
02:37 It's too expensive to buy.
02:39 What's important is rice. It's hard to buy meat.
02:44 It's embarrassing, but that's the truth.
02:48 Amor Santos, CNN, Philippines.
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