By 21% following price ceiling

SPEAKER Ferdinand Martin G. Romualdez announced today that the global rice market has experienced a substantial 21 percent decrease in prices, attributed to the recent implementation of Executive Order 39 of the Palace imposing price ceiling on rice nationwide.

According to the United States (US) based company, the Markets Insider, the price of rice in the world market decreased by 21 percent from $384 per metric ton last July to $332.4 per metric ton this month.

“It is proven that the EO 39 of President (Ferdinand) BongBong Marcos Jr., sets commendable results not only in our country. We are hoping na magtuloy-tuloy na ang pagbaba ng presyo ng bigas,” said the Speaker in a statement.

The House leader believed that Filipino rice traders and importers cancelled the importation of rice after the price drop in the country due to the price ceiling.

“Siguro nung kinansel na nila (importers and traders) ang mga orders, biglang dumami tuloy ang stock sa abroad ng bigas,” Romualdez noted.

“It is obvious na artificial ang pagsirit ng presyo ng bigas sa mga palengke natin dahil tinatago yung mga bigas sa bodega as we have seen during our inspection,” the lawmaker added.

Romualdez insisted that the palace was correct in imposing a price cap as it is the only way to stop price manipulations and hoarding of rice.

Meanwhile, House Ways and Means Committee Chair, Rep. Joey Salceda, echoed Romualdez, saying that the price increase of rice in the world market was artificial due to high volume of demand from the Philippines.

“We have seen this crisis before and we know how to deal with it,” Salceda earlier said.

“Pero we should not over-import para hindi i-anticipate ng mga kapitbahay nating bansa at tumaas ng presyo ng bigas,” Salceda added. Ang paglalagay ng price cap ng Malacanang sa bigas ay nagpapakita na hindi katanggap-tanggap sa atin ang mga artificial na pagtaas ng presyo ng bigas sa world market.

Earlier, Pres. Marcos issued EO 39 ordering prices at P41.00 per kilo for regular milled rice and P45.00 for well-milled rice after the government received information that some unscrupulous traders were planning to raise rice prices to as high as P70.00 per kilo.

“This remarkable development marks a significant shift in our agricultural landscape and offers hope for our local consumers,” the leader of 311-strong lawmakers in the country, said.

Speaker Romualdez along with several lawmakers also joined earlier in a series of surprise inspections with the Bureau of Customs in several rice warehouses in Bulacan as he told the law enforcers to send rice smugglers and hoarders to jail.

Also, amid allegations that hoarders are driving up the cost of rice in the market, Romualdez concluded that rice hoarding has been happening based on their series of warehouse inspections in Bulacan were a stockpile of rice was discovered.

On the other hand, Romualdez believed that the price ceiling or the price drop of rice is expected to have a ripple effect on related industries, ultimately benefiting the country’s economy.

Romualdez also assured that the House of Representatives, particularly the Committee on Agriculture and Food will continue to monitor and evaluate its effect to ensure market stability.

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