Albay 2nd district Rep. Joey Salceda (left), Quezon 1st district Rep. Wilfrido Mark Enverga (Rep. Salceda's office, Facebook)

The unrelenting efforts of President Marcos and House Speaker Martin Romualdez to stabilize local rice prices haven't been lost on ranking congressmen. 

Over the weekend, Quezon 1st district Rep. Wilfrido Mark Enverga and Albay 2nd district Rep. Joey Salceda recognized these moves from the top leaders in government, which is said to have contributed to the reduction in global prices of rice. 

Enverga chairs the House Committee on Agriculture and Food, while Salceda chairs the House Committee on Ways and Means. 

According to Enverga, Marcos' decision to impose price ceiling on rice, complemented by a series of warehouse inspections on suspected rice hoarders carried out by the Bureau of Customs (BOC) and Speaker Romualdez, has helped stabilize the rice market despite global market uncertainties. 

"President Marcos and Speaker Romualdez have showcased exemplary leadership and visionary strategies in tackling the intricate matter of rice pricing. 

Enverga, a Nationalist People's Coalition (NPC) stalwart, was referring to Executive Order (EO) No. 39, which set a price cap on regular milled rice at P41 per kilo and well-milled rice at P45 per kilo. It took effect last Sept. 5. 

"Their decisive actions, notably the implementation of a price ceiling on rice, have been instrumental in upholding stability in this vital commodity, even amidst the turbulent tides of the global market," he said. 

Enverga said the price ceiling "was a well-calculated move aimed at protecting the interests of consumers and Filipino rice farmers alike". 

For his part, Salceda said the combination of the price cap and warehouse raids brought some "sanity" back to the trading of rice. 

He said the India rice export ban and the specter of an El Niño episode that could hurt local harvest drove prices up despite the sufficient domestic supply of the staple grain. 

“The cap ended the rice price spike. It is now clear that soaring cost of the grain is artificial, driven by market speculation and rice traders driven by greed. Now, we have to manage our rice inventory better to avoid fueling the speculation here and in the global rice market,” Salceda explained. 

He said Marcos and Romualdez's commitment to address the public's concerns is evident in their effort to ensure affordable and accessible food for all Filipinos, adding that their actions have “alleviated economic pressures on households and have bolstered the livelihoods of rice farmers". 

“The global market shift following their intervention is a testament to their ability to navigate complex economic landscapes. It highlights the Philippines' capacity to influence and contribute positively to international food markets,” Salceda pointed out. 

Data from US-based Markets Insider showed the world market price for rice has seen a remarkable 21 percent decrease, dropping from $384 per metric ton in July to $332.4 per metric ton this month. 

The Speaker has said that Malacañang's decision to institute a price cap was not only justified but also the most effective way to discourage hoarders and price manipulators from perpetuating their illicit activities.