NBI probing two firms for rice hoarding

By: Ador Vincent S. Mayol July 23,2014 - 07:42 AM

THE National Bureau of Investigation in Central Visayas (NBI 7) is investigating two companies in Cebu for allegedly hoarding several sacks of rice.

“Hoarding means stockpiling sacks of rice or cutting the supply of rice so prices will go up,” Regional NBI-7 Director Max Salvador said in an interview yesterday.

He said the NBI will ask the owners of the two companies to explain before conducting any operation.

“At the end of the day, we will know if they have complete documentary evidence or not,” Salvador said.

If proven that the two companies are indeed hoarding rice, Salvador said they will secure a search warrant from the court and confiscate the goods.

For now, he refused to identify the two companies to avoid compromising the investigation.

“Hoarding is really an economic obstacle. We’ve underwent calamities in the past months and it’s really sad if traders take advantage of these occurrence,” Salvador said.

He said the NBI earlier signed an agreement with the National Food Authority (NFA) for them to run after those involved in rice hoarding, smuggling and illegal trade.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

Read Next

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of Cebudailynews. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

TAGS: Cebu, NFA
Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our regional newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.