MARKET VISIT. Speaker Martin Romualdez visits Nepa-Q Mart in Quezon City on Wednesday (Sept. 11, 2024) to check on the prevailing rice prices. Romualdez confirmed drop in prices as inflation rate for rice slowed down in August with regular and well-milled rice now priced at PHP42 to PHP46 a kilo. (Photo courtesy of House Press and Public Affairs Bureau)
Speaker Martin Romualdez on Wednesday credited the administration of President Ferdinand Marcos Jr. for the significant decline in rice prices, with some varieties selling for as low as PHP42 per kilo, during his visit to three key markets in Metro Manila.
Romualdez attributed the reduction to the government's efforts to stabilize rice prices and ensure affordability for consumers, particularly the move to cut the duties on imported rice.
Executive Order (EO) 62, which lowered the tariffs on imported rice from 35 percent to 15 percent, was implemented last July 5.
Romualdez visited Guadalupe Market in Makati City, as well as Nepa-Q Mart and Farmers Market in Quezon City upon the invitation of the Philippine Rice Industry Stakeholders' Movement (PRISM), the Department of Trade and Industry (DTI) and the Department of Agriculture (DA).
“Nakita natin may 45 pesos kada kilo, meron ding 42 pesos for broken rice, yung well-milled 45 pesos. At yun talaga ang gusto nating makita, na pababa nang pababa [ang presyo ng bigas] (We've seen rice selling prices at PHP45 per kilo, even PHP42 for broken rice and PHP45 for well-milled [rice]. And that's what we want to see, the continuous decrease [in the price of rice]),” Romualdez said.
“On behalf of the House of Representatives, we welcome this positive development. This is truly in line with the Marcos administration’s commitment to ensuring that food, particularly rice, remains affordable and accessible for all Filipinos,” he added.
He expressed hope the trend will continue to bring much-needed relief to Filipino families as Christmas season approaches.
Aside from the rice tariff reduction, Romualdez also cited the Marcos administration's commitment to implement long-term solutions, such as increasing domestic rice production, improving import regulations, and penalizing those involved in illegal trade practices.
“President Ferdinand Marcos Jr. has made it clear that food security is a top priority for his administration. This is not just about lowering prices temporarily, but about ensuring a sustainable supply chain that benefits both consumers and farmers,” Romualdez said.
On the part of the House, Romualdez highlighted the chamber's efforts to combat hoarding and price manipulation, through collaboration with rice traders and the conduct of fact-finding missions to inspect rice warehouses in Bulacan province.
“Together with PRISM and other stakeholders, we have been actively working to stop rice hoarding and price manipulation. I would like to commend the rice traders who have responded to our call to make rice affordable and available for everyone,” the Speaker said.
Romualdez, meanwhile, called on local government units and private stakeholders to support ongoing initiatives aimed at bringing down the cost of essential goods, emphasizing that everyone has a role to play in stabilizing the market.
"As we continue to work towards this goal, we ask for the cooperation of all stakeholders. This is a whole-of-nation approach, and together, we will make sure that no Filipino family goes hungry," he said.
“This price reduction is just the beginning. We will not stop until rice is affordable to every Filipino family. We remain committed to improving the livelihoods of our farmers while ensuring that consumers are not overburdened by high prices," he added.
According to DA's price monitoring last week, the weekly average retail price of locally produced was PHP47.54 per kg, while local well-milled rice at PHP50.97 per kilo.
Imported regular milled rice was sold at an average retail price of PHP47.91 per kg, while imported well-milled rice was sold at an average price of PHP51.59 per kilo. (PNA)
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