THE House of Representatives is working closely with the Department of Budget and Management (DBM) to allocate P2 billion in cash assistance for retailers affected by the rice price ceiling imposed by the Palace, Speaker Ferdinand Martin G. Romualdez announced on Monday. Romualdez instructed Ako Bicol Party-list Rep. Elizaldy Co, the…
A variety of milled rice prices are showcased in a retail store in Las Piñas City, in this file photo.THE House of Representatives is working closely with the Department of Budget and Management to allocate P2 billion in cash assistance for retailers affected by the rice price ceiling imposed by the Palace, Speaker Ferdinand Martin G. Romualdez announced on Monday.
“We will promptly engage with the DBM to expedite the release of the P2 billion funds for our rice retailers,” Co said. “We are aware that they have high costs from traders, but our priority is the public’s difficulty in buying rice,” he added. Retailers, however, expressed their dissatisfaction, noting that they procure rice from traders for nearly P50 per kilo.
As a sign that the initial shock in price last July was “artificial,” Salceda cited world rice spot prices, which, at USD332.4 per metric ton, are now lower than the July peak of USD 384 and are almost at the pre-Indian export ban price of USD 332.
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