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Manila Bulletin devider Philippines devider National devider Set aside P2B for rice retailers' aid amid price cap, Romualdez tells House panel

Set aside P2B for rice retailers' aid amid price cap, Romualdez tells House panel

Published Sep 4, 2023 08:28 am

At A Glance

  • True to his word, House Speaker Martin Romualdez has directed the Committee on Appropriations to find ways to set aside P2 billion from the national budget this year in a bid to assist retailers affected by the rice price cap. 

IMG-b2a7ed3d700cd8efa16127b25b90865a-V.jpgHouse Speaker Martin Romualdez (Speaker’s office)

 

 

 

 

 

 

True to his word, House Speaker Martin Romualdez has directed the Committee on Appropriations to find ways to set aside P2 billion from the national budget this year in a bid to assist retailers affected by the rice price cap. 

“Our goal is to ensure that we can extend assistance to rice retailers who may be affected by this rice price ceiling, as it is a directive from our President aimed at protecting consumers,” Romualdez said in a statement Monday, Sept. 4. 

The appropriations panel is chaired by Ako Bicol Party-list Rep. Zaldy Co. The 2023 General Appropriations Act (GAA) is worth P5.268 trillion.

Sourcing the aid from the existing national budget ensures the faster delivery of the assistance to rice retailers, as opposed to searching for funds in the proposed P5.768-trillion National Expenditure Program (NEP) for 2024. The appropriations panel is currently deliberating on the NEP.

 

Last Friday, Marcos 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.  

Co, for his part, promptly coordinated with the Department of Budget and Management (DBM) under Secretary Amenah Pangandaman to swiftly explore avenues for the allocation of the P2 billion. 

“We will promptly engage with the DBM to expedite the release of the P2 billion funds for our rice retailers,” Co assured the public. 

Romualdez had earlier disclosed his plans to also engage with leaders of rice retailers nationwide later this week to hear their concerns regarding potential financial losses stemming from the rice price ceiling. 

"The government is not insensitive, so we want to listen to their concerns, and we will try to find a solution to address their fears of incurring losses,” said the leader of the 311-strong House of Representatives. 

Romualdez earlier said he was looking at the possible release of aid or "ayuda" to small rice retailers who will be affected by the Palace-mandated price cap on the staple grain. 

 

 

Related Tags

rice price cap Martin Romualdez
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