HOUSE Ways and Means Committee Chairman Joey Sarte Salceda announced an expansion of the committee’s investigation into food price manipulation.
The probe, initially focused on rice prices, will now include investigations into chicken, pork, and vegetable markets.
Salceda cited discrepancies between global rice prices (USD 427-500 per metric ton, translating to a landed price of roughly P34-36 per kilo) and retail prices in Philippine supermarkets (as high as P70 per kilo).
He refuted claims that consumer preference drives these high prices, citing data from the Food and Agriculture Organization and the Bureau of Plant Industry.
Salceda also noted that a proposed government price cap of P58 per kilo would still allow significant profit margins for sellers.
The committee will request a briefing from the Department of Agriculture (DA) on efforts to control meat prices, particularly noting the impact of rising corn prices (which outpaced general inflation by 2.1 percentage points in December) on meat costs.
Long-term strategies to stabilize vegetable prices, ensuring fair prices for both farmers and consumers, will also be addressed.
Salceda emphasized the Speaker’s directive to reduce food prices and his commitment to keeping overall food inflation within the government’s target of 2-4 percent.
metrosundaily
