MANILA — The Anti-Agricultural Economic Sabotage Act has been ratified by both houses of Congress, a move celebrated by lawmakers as a significant step towards curbing food price inflation, which was a key factor in the country's overall inflation rate reaching 4.4 percent in July.
According to Philippines News Agency, the new legislation will equip the government with stronger authority to target and penalize hoarders, price manipulators, and cartel operations that negatively impact food prices and the livelihood of local food producers. Lee expressed strong sentiments about the necessity of such measures, emphasizing that the act is crucial for stabilizing the cost of basic commodities and alleviating the economic burden on Filipinos.
The law specifically targets those involved in smuggling, hoarding, and profiteering of agricultural products. It includes severe penalties for these crimes and introduces stricter consequences for public officials or employees who facilitate or protect those engaged in these activities. The bill aims to dismantle any operation that manipulates market conditions at the expense of both consumers and producers.
The House of Representatives initially passed the bill as House Bill 9284 on September 27, 2023, and the Senate followed with the passage of Senate Bill 2432 on December 12, 2023. The final step in the legislative process saw both chambers agreeing on a unified version of the bill on August 6.
Rep. Lee also highlighted the public's anticipation of President Ferdinand R. Marcos Jr.'s signature, which is the last requirement for the bill to become law. He stressed the urgency of enforcing this legislation to protect and support the nation's farmers, fishers, and overall economic stability.