By Mario Casayuran
The chairman of the Senate economic affairs committee on Monday said he strongly believes that the Rice Tariffication Act recently signed into law by President Duterte is a strong counter-inflationary measure that would help increase the supply of affordable rice in local retail markets.
Sen. Sherwin T. Gatchalian
(Senate of the Philippines / MANILA BULLETIN)
Senator Sherwin T. Gatchalian, also chairman of the Senate energy committee, said the effect of the law is to decrease the price of rice from P4.50 to P5.50 per kilogram, or estimated 11 percent to 12 percent decrease in the price of rice per kilo.
‘’This would translate to a decrease in the monthly headline inflation rate of 0.4 percent to 0.5 percent,’’ he said.
‘’At kasabay ng pagbaba ng presyo ng bigas ay mababawasan na rin ang mga pamilyang nagugutom,’’ he explained. (Alongside the reduction in the price of rice is the reduction in the number of hungry families.)
The law, according to Gatchalian, would enable the bottom 30 percent income families to attain food security by helping them put enough rice on their tables to keep their stomachs full and happy.
An average Filipino household with five members consumes rice at around 591.25 kilograms of rice per year, which means the Rice Tariffication Act would result to a savings of P2,661 to P3,252 per year. This is equivalent to an additional 73 to 91 kilograms of rice at the table.
Matitigil na din ang pananamantala ng ilang rice traders at retailers sa ating kababayan ngayong nalagdaan na ng ating mahal na Pangulo ang Rice Tariffication Act. Dahil wala na ang quota sa pag-angkat ng bigas, mawawala na rin ang mga hoarders na nagtataas ng presyo ng bigas,’’ he pointed out. (With this Act, the profiteering activities of some rice traders and retailers would be curtailed because there is no longer quota on rice importations. Hoarders who usually jack up the price of rice would no longer be in the market places.)