In a statement, Agriculture Secretary Francisco Tiu Laurel, Jr. welcomed the legislation, which was signed into law by President Marcos on September 25, 2024.
The measure aims to curb the rampant smuggling and hoarding of agricultural goods by imposing tougher penalties.
Violators of the law could face life imprisonment and fines five times the value of the smuggled or hoarded agricultural products, which include rice, corn, pork, poultry, and fish, among others.
The creation of cartels and financing of smuggling activities will also be deemed as economic sabotage under the new law.
Tiu Laurel expressed confidence that the law would deter smuggling and hoarding, benefiting local farmers and fisherfolk whose livelihoods have been jeopardized by these illegal practices.
“This new law that penalizes violators with higher fines and long jail terms, should instill fear in the minds of smugglers and hoarders, and force them to mend their ways,” he said.
The law also offers rewards of up to P20 million to informants whose tips lead to the investigation, arrest, and conviction of offenders.
Additionally, it mandates the establishment of a daily price index, to be managed by the Department of Agriculture’s Bureau of Agricultural Research and Agribusiness and Marketing Assistance Service, to monitor agricultural prices.
