THE Department of Trade and Industry (DTI) will strictly monitor the retail prices of rice on the heels of the imposition of price ceilings for the staple food nationwide.
“We acknowledge the need to take immediate action on the rising prices of rice in the market. Relatedly, imposing strict monitoring of its price and supply to prevent the possibility of hoarding and overpricing among traders and retailers is of equal importance,” Trade secretary Alfredo Pascual said yesterday.
He added: “Pursuant to this, DTI will regularly conduct strict monitoring of prices of rice nationwide and ensure that the price ceiling set by the Department and DA (Department of Agriculture) will be followed.”
President Ferdinand Marcos Jr. yesterday approved the joint recommendation of DA and the DTI to set price ceilings on rice in the country, according to Executive Order No. 39, signed by Executive Secretary Lucas Bersamin.
The mandated price ceiling for regular milled rice is P41 per kilo while the mandated price cap for well-milled rice is P45 per kilo, according to the EO.
“These prices were computed based on the average rice prices for the last three months (May, June, July) following Section 8 of Republic Act No. 7581 or the Price Act for the setting of price ceiling,” Pascual said.
In Palawan, Marcos called on the public to report to authorities vendors and retailers not observing the mandated price ceiling on rice.
“I would encourage anyone who finds that someone or retailer is selling at above the price ceiling, i-report po ninyo. I-report po ninyo sa pulis, i-report po ninyo sa DA doon sa lugar ninyo, i-report ninyo sa local government para matingnan po namin,” Marcos said.
Price ceilings
Pascual, meanwhile, noted that the price ceilings were exclusively imposed on regular- and well-milled rice as these “are commonly consumed by the public.”
Marcos’ approval of the price ceiling stemmed from the surge in retail prices of rice in local markets. Current prices of rice per kilo range from P45 to P70.
“We are also coordinating with the local government units (LGUs) to activate their Local Price Coordinating Councils (LPCCs) in support of this endeavor,” Pascual said.
The Trade chief also called on consumers to report any case of overpricing or hoarding to the DTI through its One-DTI (1-384) hotline or email ConsumerCare@dti.gov.ph.
“The imposition of this price ceiling is aimed at protecting Filipino consumers from unjust or unfair sales practices,” the Trade chief said.
“We at the DTI and the entire Philippine government aim to protect lower-income individuals and the vulnerable population who often bear a disproportionate burden when prices of goods rapidly rise,” Pascual said.
He, nevertheless, said that special and premium rice shall not be subjected to price ceiling: “Further, price ceiling for imported rice shall be based on the Bureau of Customs’ reference price. This is likewise close to the three-month average price of well-milled rice.” (GMA Integrated News)
