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Consumer group backs PBBM's rice price cap order

Philippines | National

Consumer group backs PBBM's rice price cap order

By Aaron Recuenco

(photo: Mark Balmores)

A consumer group has expressed support to the decision of President Ferdinand “Bongbong” Marcos Jr. to put a cap on the price of rice in the market nationwide.

Bantay Palengke convenor Lester Codog said the Executive Order 39 issued by Marcos is timely amid the effects of inflation on ordinary Filipino families.

“This is a timely recommendation from the Department of Agriculture and the Department of Trade and Industry as many Filipino family budgets are currently strained due to the surge in the price of rice,” said Codog.

“We are hoping this will be effectively implemented while we wait for the local harvest season to commence. We expect that once local rice farmers reap their produce, the price of rice will stabilize,” he added.

The EO 39 states that the price of milled rice should not exceed P41 per kilo and P45 per kilo for well-milled rice.

The EO took effect on Tuesday, Sept. 5, and government agencies led by the Department of the Interior and Local Government (DILG) and the Department of Trade and Industry (DIT) conducted market monitoring to ensure compliance.

“The price ceilings are very helpful given that based on our monitoring in late August, regular milled rice ranged from 45-55 pesos per kilo while well-milled is at around 48-58 pesos. The money that would be saved from this would be of big help for Filipino families to buy other essential needs,” said Codog.

He also lauded House Speaker Martin Romualdez for proposing to provide financial aid to the rice retailers who would be affected by the EO.

“As consumers, we understand that some retailers bought some of their stocks for a price higher than the ceilings imposed by EO39. Speaker Romualdez’s idea of financial aid for retailers is a great solution to cushion the price cap’s effect on rice retail businesses,” said Codog.

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