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Manila Bulletin devider Philippines devider National devider Lagman: Retailers must be transparent with rice inventory, purchase costs if they want help

Lagman: Retailers must be transparent with rice inventory, purchase costs if they want help

Published Sep 3, 2023 02:51 pm

At A Glance

  • Rice retailers must be transparent with their inventory and costs levels so that government may properly assist them when it comes their concerns on the Palace-ordered rice price ceiling.

Screenshot_20230122-120407_Facebook.jpgAlbay 1st district Rep. Edcel Lagman (Screenshot from Facebook)

Rice retailers must be transparent with their inventory and purchase costs levels so that government may properly assist them when it comes their concerns on the Palace-ordered rice price ceiling.

Thus, said independent minority solon Albay 1st district Rep. Edcel Lagman, who had earlier said that he agreed with the imposition of a price cap on rice given the current price levels at retail.

"Rice retailers must submit sworn statements to the Department of Agriculture (DA) and the Department of Trade and Industry (DTI) on their current rice inventories and their purchase costs to enable the government to address their concerns that they would lose if they would sell their stocks at the price ceiling," Lagman said.

"The National Food Authority (NFA) must then be directed to buy the compliant retailers’ inventories at a level a little higher than their procurement costs, and the NFA must resell the supply to the public at the regulated price even at a loss, which it traditionally does," he said.

"This strategy would not only help the farmers with existing and additional subsidies but also the rice retailers and consumers," the Bicolano further noted.

Rice prices are currently between P55 and P60 per kilo--almost 200 percent pricier than President Ferdinand "Bongbong" Marcos Jr.'s campaign promise of P20 per kilo.

Marcos had recently ordered via Executive Order (EO) No.39 that a price cap of P41 per kilo and P45 per kilo be implemented on regular-milled rice and well-milled rice, respectively.

There have been concerns that such price ceiling would cause rice retailers to lose money, since they would essentially be selling their rice products at below price of acquisition, which is reportedly almost P50 per kilo.

"I essentially agree with the President’s imposition of a price ceiling...but clarification should be made on the price cap of imported rice, unless it would fall under the subject rice varieties," Lagman earlier said.

Marcos is the concurrent DA secretary.

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