Rice

KILLING THE CARTEL

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By: Al S. Labita & Miguel Raymundo

IN a dark alley in Binondo, Manila’s Chinatown, a Chinese rice trader ponders on the fate of the tons of rice he illegally stockpiled in his leased warehouse.

Not only were the grains rotting, but their storage also drained him of “dirty profits” he pocketed from speculating on the supply and demand cycle of the Filipinos’ major staple.
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Call it “bad karma,” but the tsinoy trader—like his peers in the cartelized trading of rice—is bearing the brunt of the government’s resolute political will to stabilize the rice market–and stamp out smuggling, hoarding and price manipulation.

Based on OpinYon’s research, a paper trail leads to Binondo as the epicenter of cartelized trading of grains, apparently in cahoots with corrupt government officials.

Mostly involving Tsinoys, the syndicate–described as “big and powerful”—corners and manipulates rice prices, creating an artificial shortage in the grains market. #OpinYon #banner#RiceHoarding #Rice

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