Hoarding of goods is punishable

[Starmix]

Hoarding of goods is punishable by law and if caught will be fined ranging from five thousand pesos up to two million pesos and imprisonment of not less than 5 years up to 15 years. It is an illegal act of price manipulation. That is the intention of a businessman hoarding goods like sacks of rice and sugar with an assurance of bigger profit because once the goods are not available, that is the time they will sell it publicly with a price almost times three from the original price. It is not only sacks of rice and sugar but also medicines in various drugstores. They will be prosecuted for hoarding medicines, especially flu medicines. Did it also happen in your country?

 

[King Belieal]

It depends. We operate a free market economy in my country and you are free to hoard your goods. It only becomes an offence when the government has made a policy to regulate the price of that particular good and you hoard it. They would seal up your business place for 6 months and seize the goods in stock.

 

[Starmix]

The hoarding that is punishable by law are the big-time businessmen that hoard sacks of rice, sugar, and medicine. If you are a small businessman hoarding depends on you but how could you hoard when you are just a small-time capitalist.

 

[Passionate-writer]

The hoarding that is punishable by law are the big-time businessmen that hoard sacks of rice, sugar, and medicine. If you are a small businessman hoarding depends on you but how could you hoard when you are just a small-time capitalist.

I think this depends entirely on the law and order situation. In many countries, they have a special law that helps the government to deal with hoarders. Withholding goods is a very bad thing and it makes economical issues get worse.

 

[Starmix]

I think this depends entirely on the law and order situation. In many countries, they have a special law that helps the government to deal with hoarders. Withholding goods is a very bad thing and it makes economical issues get worse.

Hoarding of goods is illegal, there are many people waiting for the release of these goods but are kept in a building for example, and locked meaning there is nothing inside but the truth is, the goods are inside waiting for the owner to dispose them with triple price from the original.

 

[Suba]

Business actors or anyone prohibited by the government from storing basic necessities or other important goods that are really needed in large quantities and within a certain time, especially when there is a shortage of goods, price fluctuations, or there are transportation obstacles that cause delays in goods, will be threatened with a maximum penalty. 5 years or a fine of up to $63,000.

 

[Starmix]

Business actors or anyone prohibited by the government from storing basic necessities or other important goods that are really needed in large quantities and within a certain time, especially when there is a shortage of goods, price fluctuations, or there are transportation obstacles that cause delays in goods, will be threatened with a maximum penalty. 5 years or a fine of up to $63,000.

Until this time, there are sacks of rice, sugar, and onions hoarded in big buildings in my country especially in Manila. Many were a; already penalized and those confiscated sacks of rice were distributed to the people. There were a million sacks of rice, sugar, and onions.

 

[Suba]

Until this time, there are sacks of rice, sugar, and onions hoarded in big buildings in my country especially in Manila. Many were a; already penalized and those confiscated sacks of rice were distributed to the people. There were a million sacks of rice, sugar, and onions.

Such as rice, onions, sugar, cooking oil, cooking gas, etc. are basic daily needs which of course the government will prohibit hoarding of these items. During the 19 Pandemic, masks and vitamin C were very scarce, and almost all pharmacies and drug stores ran out of stock. Many Corona sufferers find it difficult to get medicine, but now masks and vitamin C are everywhere, even available in small shops.

 

[Starmix]

Such as rice, onions, sugar, cooking oil, cooking gas, etc. are basic daily needs which of course the government will prohibit hoarding of these items. During the 19 Pandemic, masks and vitamin C were very scarce, and almost all pharmacies and drug stores ran out of stock. Many Corona sufferers find it difficult to get medicine, but now masks and vitamin C are everywhere, even available in small shops.

That is true, but in my country, it is not the government that hoards goods but big-time businessmen. In fact, there are Chinese caught hoarding smuggled sacks of rice, sugar, and onions and they were penalized and sent back to their country to serve their illegal acts.

 

[Suba]

That is true, but in my country, it is not the government that hoards goods but big-time businessmen. In fact, there are Chinese caught hoarding smuggled sacks of rice, sugar, and onions and they were penalized and sent back to their country to serve their illegal acts.

It is difficult to prevent bad behavior by entrepreneurs, because in general large entrepreneurs will have a coalition with the government to simplify processes and permits, so it is very difficult to prevent hoarding of goods.

 

[Starmix]

It is difficult to prevent bad behavior by entrepreneurs, because in general large entrepreneurs will have a coalition with the government to simplify processes and permits, so it is very difficult to prevent hoarding of goods.

Those businessmen who hoard goods, some of them have a strong connection with military officials and politicians which is why they abused their wealth and capacity to serve people in honesty and commitment.

 

[Suba]

Those businessmen who hoard goods, some of them have a strong connection with military officials and politicians which is why they abused their wealth and capacity to serve people in honesty and commitment.

That's a very important business network, the military and politicians and even ministers often run errands for naughty businessmen. Moreover, if businessmen occupy important positions in government, the country will quickly collapse.

 

[eLdavis]

There are people who would see this as a business strategy though. They would buy these goods at a time where it is available and cheaper, then store them or keep them and start selling them at a more higher price when it is less available.

 

[Starmix]

That's a very important business network, the military and politicians and even ministers often run errands for naughty businessmen. Moreover, if businessmen occupy important positions in government, the country will quickly collapse.

That would surely be the picture of a country a businessman at the same time a politician. There will be sabotage and manipulation but in Ph, seldom we hear a politician owning a business, perhaps it is manned by his siblings to avoid scandal.

 

[Augusta]

I wish same can be applied here people are just being greedy by hoarding products and forcing the price to soar uncontrollably.

 

[Starmix]

I wish same can be applied here people are just being greedy by hoarding products and forcing the price to soar uncontrollably.

Correct, they hoard goods like sacks of rice because they will increase the price per sack after a week. They are superb greedy people.

 

[King Belieal]

One thing you people don't understand is that in a free market economy, a business person is free to take any business measure to maximize his profits. It is unethical but not illegal. If you have ever sold anything, you would understand that there are times is better for you to hoard business wise.

 

[Starmix]

In my country it is illegal to hoard for example sacks of rice inba bodega with an intention to increase the price per sack and if it happens during the time of crises.