DTI to Provide Financial Aid to Rice Retailers Affected by Price Ceiling
In response to Executive Order No. 39, which sets the price ceiling of regular-milled rice at P41 per kilogram and well-milled rice at P45, the Department of Trade and Industry (DTI) has announced that it will facilitate the immediate distribution of financial aid to affected retailers. DTI Secretary Alfredo E. Pascual made the announcement from Jakarta, Indonesia, where he is attending the 43rd ASEAN Summit and Related Summits with President Ferdinand R. Marcos Jr.
The assistance to rice retailers and wholesalers, including small supermarkets, will come in various forms, such as financial aid, loan programs, logistics support, and market linkages support. To cover the difference between the cost of the current inventory of rice and the price ceiling, the Department of Social Welfare and Development (DSWD) will provide financial aid or compensation to retailers and wholesalers in wet markets and neighborhood stores. Moreover, the government will offer transportation services to deliver rice from traders to retailers, aiming to reduce logistical costs.
In addition, the DTI plans to establish market linkages to connect local farmers with supermarket chains and other retailers, encouraging bulk buying or advance purchase of rice by supermarkets, restaurants, hotels, resorts, and other commercial establishments.
To ensure effective implementation of the price ceiling, the DTI has convened a Special Task Force to conduct profiling and validation of retailers on the first day of the Executive Order’s effectivity, which is September 5. This task force will work in coordination with the Department of Agriculture, Local Government Units, and the Local Price Coordinating Councils. Associations will be mobilized to gather a list of retailers and identify potential beneficiaries.
During the meeting, DTI Assistant Secretary Agaton Uvero highlighted the task force’s role in protecting consumers and providing assistance to retailers as the Executive Order takes effect. Interior and Local Government Secretary Benjamin Abalos, along with representatives from the Department of Agriculture and DTI, joined the monitoring team in surveying wet markets and supermarkets in Quezon City and San Juan City. The inter-agency price monitoring team aims to establish a strong market visibility and explain the temporary nature of the price cap to rice retailers.
Secretary Abalos assured the retailers of the DTI’s financial program and urged them to register with the department. He emphasized that all affected retailers will be taken care of under this program. The Department of the Interior and Local Government also committed to enlisting the cooperation of mayors and market masters/administrators in enforcing the mandatory price ceiling on rice.
The Department of Agriculture ensured close coordination with the DTI in monitoring rice prices and enforcing the price cap, with support from the Bureau of Customs in stabilizing the supply of rice.
As the price ceiling takes effect, the special task force will gather information and address concerns raised by affected retailers. Market visits and profiling will be conducted, along with inspections of warehouses to discourage hoarding. Quezon City Mayor Joy Belmonte assured the public that the LGU will provide financial aid to retailers in addition to the assistance from the national government. The monitoring team will continue to visit wet markets and supermarkets on a day-to-day basis to ensure compliance with the price ceilings.
To ensure strict adherence to the price ceiling, the DTI will also conduct joint monitoring activities with the Department of Agriculture starting from September 5.
Overall, the DTI’s efforts aim to support retailers affected by the price ceiling and protect consumers from rising rice prices.
