SPEAKER Ferdinand Martin G. Romualdez on Thursday declared that the huge reduction of the prices of rice in the global market can be attributed to the recent implementation of Executive Order (EO) No. 39 of the Palace imposing price ceilings on rice nationwide.
According to US-based Markets Insider, the price of rice in the world market decreased 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 R. Marcos Jr. set commendable results not only in our country, (but in the world as well). We are hoping na magtuloy-tuloy na ang pagbaba ng presyo ng bigas,” said the Speaker in a statement.
The leader of the 311-member House of Representatives believes that the drop in the price of rice in the world market was due to mass cancelations made on imported rice by rice traders and importers in the country, owing to the price ceiling imposed.
“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 House leader added.
Speaker Romualdez insisted that the palace was correct in imposing a price cap as it was the only effective way to discourage hoarders and price manipulators from carrying on with their illegal schemes.
Meanwhile, Ways and Means Committee Chair Rep. Joey Salceda echoed what Romualdez said, explaining that the increase in the price of rice in the world market was artificial due to the high volume of demand from the Philippines.
“We have seen this crisis before and we know how to deal with it,” Salceda 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 Malacañang sa bigas ay nagpapakita na hindi katanggap-tanggap sa atin ang mga artificial na pagtaas ng presyo ng bigas sa world market.”
Earlier, President Marcos issued EO 39 ordering a ceiling in the prices of rice: P41.00 per kilo for regular milled rice and P45.00 for well-milled rice.
The action came after the government received information that some unscrupulous traders were planning to raise 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,” Speaker Romualdez said.
Romualdez, along with several lawmakers, earlier joined a series of surprise inspections by the Bureau of Customs (BoC) of several warehouses in Bulacan storing rice. The House leader recently asked the BoC and law enforcers to send rice smugglers and hoarders to jail.
