April 14, 2008

Philippines to exhaust all means before declaring grain emergency

The Philippine government said it would go after traders who could possibly be hoarding rice and corn, and tap other options before declaring an emergency.

Department of Justice (DOJ) secretary Raul Gonzalez said president Gloria Macapagal-Arroyo fully backs the prospect of a rice-corn emergency, if the need arises.

Earlier, the DOJ authorized the National Bureau of Investigation (NBI) to go after dealers illegally hoarding stocks of staple cereal.

Furthermore, the secretary said dealers caught hoarding will be charged with economic sabotage.

Hoarding was defined as having 50 percent more than the currently needed supply.

Under the rice and corn emergency, the Philippine government can control all stocks, whether private or public, and distribute it as it sees fit.