The Bureau of Customs (BOC) found 466,142 sacks of raw sugar in three Cagayan de Oro warehouses owned by one “hoarding” company, Malacañang said on Wednesday.

In a statement, Press Secretary Trixie Cruz-Angeles said the warehouses were owned by Crystal Sugar Milling Inc.

“Isinagawa ang operasyon base na rin sa intelligence report na nagsasabing ang may-ari nito ay sangkot sa malawakang hoarding ng mga supply ng asukal,” she said.

According to the BOC, some 264,000 sacks of sugar inside the warehouses have already been sold to traders.

President Ferdinand “Bongbong” Marcos Jr. has instructed the BOC to investigate possible cases of sugar smuggling and hoarding.

Cruz-Angeles earlier said the government would conduct a “series of raids” to bring down the prices of sugar in the country.

“The government crackdown against hoarders and profiteers is part of the campaign of the Marcos government to bring down the price of sugar,” she said. John Ezekiel J. Hirro