The Department of Trade and Industry on Saturday warned that individuals engaged in rice hoarding and profiteering will face hefty fines and criminal charges.

In a news forum, DTI Assistant Secretary Agaton Uvero said penalties will be charged against those who will be caught illegally stockpiling and jacking up the prices of the staple amid the current increasing prices of rice in the country.

In line with the issuance of President Ferdinand "Bongbong" Marcos Jr. of Executive Order 39, putting a cap on rice prices, Uvero said the DTI along with the Department of Agriculture and tapped local government units will start visiting major markets beginning next week to monitor if the order is implemented according.

"So, iikot po iyong gobyerno, iyong mga composite teams sa mga bodega at hahanapin itong mga profiteers at hoarders at mayroon pong… pwede po silang ma-penalize sa Price Act for profiteering and the hoarding," Uvero said.

Uvero said the administrative fine will be as high as P2 million and/or seizure of hoarded items.

"Mayroon pong administrative fine na can go as high as P2 million o pwede pong ma-seizure itong mga bigas na ito. At mayroon din pong criminal—ano iyan, penalty," he warned.

Marcos on Thursday approved the recommendation of the DA and the DTI, mandating price ceilings on regular milled rice at P41.00 per kilogram while the price cap for well-milled rice is P45.00 per kilogram.

Uvero clarified that the price cap for rice remains a temporary solution to the increasing selling price of rice in the markets.

"Temporary lang po ito at as soon as mag-stabilize iyong presyo at papasok na rin po iyong harvest season natin eh tatanggalin na rin uli ito," he said.