28/09/2024
Boosting Agricultural Sector and Protecting our own farmers.
LOOK: Finance Secretary Ralph G. Recto has underscored that the Department of Finance (DOF), with the Bureau of Customs (BOC), is ready to fully implement the recently enacted law that will put an end to rampant smuggling, cartels, profiteering, and hoarding of agricultural products to ensure food security for Filipinos.
President Ferdinand R. Marcos, Jr. signed into law Republic Act No. 12022, or the Anti-Agricultural Economic Sabotage Act on September 26, 2024, which expands the coverage of illegal activities classified as acts of economic sabotage involving agricultural products not previously covered under the Anti-Agricultural Smuggling Act of 2016.
Under the law, the term agricultural products shall now cover livestock, aquatic products, and to***co.
“The new law gives more teeth to the government to relentlessly run after smugglers whose illegal activities undermine our farmers, fisherfolk, and consumers. Through a stronger and stricter crack down on these offenders, we protect our people's access to affordable goods and boost our revenue collections, which will allow the government to provide more essential public services to Filipinos,” the Finance Chief said.
Perpetrators now face a penalty of life imprisonment and a fine of five times the value of agricultural and fishery products subject to the crime.
RA 12022 empowers the BOC in conducting and implementing the Letter of Authority to take action against corporations or entities involved in acts of economic sabotage.
It also equips the BOC with clear parameters to identify and penalize these unlawful practices.
Read more: https://www.dof.gov.ph/recto-dof-ready-to-implement-new-law-ending-economic-sabotage-to-protect-agri-products-and-ensure-food-security-for-filipinos/
