Economist Raul Fabella says the stop-gap remedy doesn't address the country's rice supply problem as he stressed the need for new investments in food production
dated August 31. The President was impelled to set a price cap as rice prices continue to increase up to P60/kilo. The price cap is set at P41 per kilo for regular milled rice and P45 per kilo for well-milled rice.
For Fabella, applying direct political remedies – like setting price ceilings – to economic shortfalls do not solve problems. Department of Agriculture officials told a budget hearing last month that it would be difficult to meet the president’s goal toas he had promised in the 2022 elections, and that a concrete plan on this has yet to be discussed with the chief executive.
Aside from the burden that a costly household staple brings, Filipinos are also faced with the impending impacts of El Niño on agriculture and food security.EO 39 cited the Department of Agriculture and the Department of Trade and Industry’s report that alleged price manipulation of hoarders and cartels, among other factors, have led to the surge in prices.
In this light, farmers’ group Kilusang Magbubukid ng Pilipinas said in a statement on Friday that the government should start taking “sincere” steps to stop “importers, traders, businessmen who have connections in the DA.”Last Tuesday, August 29, Customs Commissioner Bienvenido Rubio said they were “doubling down efforts” to hunt illegal importers of agricultural goods, specifically rice. Investigations, in collaboration with the Department of Justice, are still ongoing.
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