By Junex Doronio
MANILA — Lawmakers on Tuesday (10 December 2024) accused rice importers and traders of colluding to manipulate prices despite reduced import tariffs and an oversupply of rice, forcing Filipino consumers to bear the burden of artificially inflated costs.
During the House Quinta Comm hearing or the Murang Pagkain Supercommittee, formed under House Resolution (HR) No. 254 introduced by Speaker Ferdinand Martin G. Romualdez, Marikina City 2nd District Rep. Stella Quimbo and AGAP Party-list Rep. Nicanor Briones laid bare a pattern of hoarding, shared ownership among top importers and profiteering.
Citing data from the Philippine Statistics Authority (PSA), Quimbo highlighted the disconnect between market conditions and prices, noting that the demand-supply ratio for rice dropped from 82.5% in 2023 to 69% in 2024, clearly indicating an oversupply.
“May excess supply. Kung ano ang kailangan natin na bigas ay mas mababa sa kung ano ang meron tayo. At kapag may excess supply, dapat bumaba ang presyo. Pero bakit hindi bumababa?” Quimbo, senior vice chairperson of the House Committee on Appropriations, told the mega panel tasked with identifying gaps in government programs and holding those responsible for market abuses accountable.
Quimbo described the situation as a clear case of collusion. “Nakita natin sa presentation ng PSA, klarong-klaro na merong pagsasabwatan,” she said.
Government data showed that as of Nov. 1, the country’s total rice stock inventory was estimated at 2.5 million metric tons—a 25% increase from the previous year.
According to Quimbo, importers and traders collectively profited a staggering P13 billion after rice import tariffs were slashed from 35% to 15% under Executive Order (EO) No. 62.
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