Cash aid distribution and price monitoring for rice will persist, even though President Ferdinand R. Marcos Jr. announced the removal of price caps on regular and well-milled rice.
Trade and Industry Secretary Alfredo Pascual, during a press conference in Makati City on Wednesday, stated that the government would still provide financial aid to small retailers selling these rice varieties who have not yet received the PHP15,000 cash assistance.
As of September 29, the Department of Social Welfare and Development (DSWD) has released a total of PHP217.2 million under the Sustainable Livelihood Program-Economic Relief Subsidy to 14,480 out of the 19,685 targeted rice retailers nationwide.
The DTI has assisted the DSWD in identifying, profiling, and validating the beneficiaries of the cash aid.
Despite the implementation of Executive Order 39 on September 5, which set price ceilings at PHP41 per kilo for regular-milled rice and PHP45 per kilo for well-milled rice, Trade Chief Pascual reported a high nationwide compliance rate of 81.46 percent as of September 28.
Pascual added that prices of these rice varieties in Regions 2 (Cagayan Valley) and 3 (Central Luzon), the country’s rice granary, are even lower at around PHP38 per kilo. This is due to the fact that rice is being produced in these regions, resulting in lower logistics costs.
Fhillip Sawali, Director of the Fair Trade and Enforcement Bureau (FTEB), also confirmed during the same briefing that the DTI would continue to monitor rice prices in coordination with the Department of Agriculture, despite the removal of price caps.
“We will now witness the full impact of the market since the PHP41 and PHP45 price caps are no longer in effect,” he stated.
He also emphasized that there is an ongoing role for the DTI following EO 39, as there is a need to ensure that rice traders are adhering to or approaching the PHP41 and PHP45 price levels.
“As a regulator, DTI will continue to carry out its monitoring, surveillance, and enforcement of fair trade practices,” Sawali stated, adding that rice inventory should stabilize as the harvest season progresses and new imports arrive. (ai/mnm)