The enactment of the Anti-Agricultural Economic Sabotage Act is a boon for Filipino families who dedicate a sizable percentage of their budgets for food.
This according to Quezon City 1st District Rep. Juan Carlos “Arjo” Atayde, who on Thursday said that “Filipino consumers are the biggest winners today because by targeting agricultural economic saboteurs––hoarders, price manipulators, and smugglers––the Anti-Agricultural Economic Sabotage Act protects consumers from unjust price hikes.”
This is a victory for Filipino families, a win for every Filipino consumer who deserves fair prices.”
The freshman lawmaker and one of the principal authors pointed out that “halos kalahati ng budget ng isang pamilya napupunta sa pagkain, kaya pag may mga biglang sipa ng presyo ng basic goods tulad ng bigas, matindi ang epekto nito.”
“Nakikita naman natin sa mga survey, eh; the high prices of goods is almost always the top concern. Ganun din sa distrito namin, kaya talagang tinutukan natin ang batas na ito dahil pag tumataas presyo ng pagkain, umaaray talaga ang mga kababayan natin, lalo na ang mga mahihirap.”
According to the Philippine Statistics Authority, a Filipino household typically spends 41.5% of its monthly income on food. When prices increase, this percentage can increase, putting a significant strain on ordinary consumers, explained Atayde, one of the authors present at the ceremonial signing of the law on Thursday in Malacañang.
“This law will help government efforts to combat price manipulation, to ensure fair market practices, and to keep food prices at a reasonable level. This will benefit Filipino households by allowing them to set aside more of their income for other essentials like education, healthcare, and utilities,” said the legislator.
The measure introduces stiffer penalties, including hefty fines and long-term imprisonment. Under the law, the penalty of life imprisonment and a fine five times the value of the agricultural and fishery products subject of the crime shall be imposed for those found guilty of smuggling agricultural goods, hoarding, profiteering, and engaging in cartels.
“With proper implementation, the Anti-Agricultural Economic Sabotage Act will serve as a strong deterrent against these illegal activities that lead to undue price increases. It’s a significant step in protecting the public from unscrupulous individuals who seek profits at the expense of our people. This is a victory for Filipino families, a win for every Filipino consumer who deserves fair prices.”
