House Speaker Martin Romualdez has taken steps to assist retailers affected by the rice price cap by directing the Committee on Appropriations to allocate P2 billion from the national budget. Romualdez stated that the goal is to provide assistance to rice retailers in adherence to the directive from President Rodrigo Duterte to protect consumers.
The Committee on Appropriations, chaired by Ako Bicol Party-list Rep. Zaldy Co, is responsible for sourcing the aid from the existing national budget. This approach ensures the prompt delivery of assistance to rice retailers, bypassing the need to search for funds in the proposed P5.768-trillion National Expenditure Program (NEP) for 2024, which is currently being deliberated upon by the appropriations panel.
Last Friday, President Duterte issued Executive Order (EO) No.39, which imposed a price cap of P41 per kilo for regular-milled rice and P45 per kilo for well-milled rice. Concerns have been raised regarding the potential losses for rice retailers who will be selling their rice products below the acquisition cost of around P50 per kilo.
In response, Representative Co promptly coordinated with the Department of Budget and Management (DBM) under Secretary Amenah Pangandaman to explore avenues for the allocation of the P2 billion. Co assured the public that they will engage with the DBM to expedite the release of the funds for rice retailers.
Speaker Romualdez also revealed his plans to meet with leaders of rice retailers nationwide to discuss their concerns about potential financial losses due to the rice price ceiling. He affirmed that the government is attentive to their worries and will strive to find a solution to address their fears of incurring losses.
Romualdez had previously mentioned the possibility of providing aid or “ayuda” to small rice retailers affected by the price cap on the staple grain. This initiative demonstrates the government’s efforts to support retailers and ensure the stability of the rice market.
