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Manila Bulletin devider Philippines devider National devider Big time world rice market price plunge due to Marcos price cap--Romualdez

Big time world rice market price plunge due to Marcos price cap--Romualdez

Published Sep 7, 2023 08:59 am

At A Glance

  • The Philippine government can take credit for the huge 21 percent price drop in the world rice market, House Speaker Martin Romualdez said on Thursday afternoon, Sept. 7. 

20230907_164503.jpgHouse Speaker Martin Romualdez, rice grains (Speaker’s office, Unsplash)

 

 

 

 

 

 

 

The Philippine government can take credit for the huge 21 percent price drop in the world rice market, House Speaker Martin Romualdez said on Thursday afternoon, Sept. 7. 

According to United States (US)-based Markets Insider, the price of rice in the world market decreased by 21 percent, from $384 per metric ton (MT) last July to $332.4 per MT this month.

“It is proven that the EO 39 of President (Ferdinand) Bongbong R. Marcos Jr. set commendable results not only in our country, but in the world as well. We are hoping na magtuloy-tuloy na ang pagbaba ng presyo ng bigas (We are hoping that rice prices will continue to drop),” Romualdez in a statement.

It was only last Aug. 31 when Malacañang issued Executive Order (EO) No.39, which imposed a P41 per kilo price cap for regular milled rice and P45 per kilo price cap for well-milled rice.  

The President is the concurrent Department of Agriculture (DA) secretary. The Philippines is known as a heavy rice importer. 

The price ceiling was pursued as retail prices of rice reached P60 per kilo. 

Romualdez, the leader of the 311-member House of Representatives, believes world rice market movement was due to mass cancelations made on imported rice by rice traders and importers in the Philippines, owing to the Palace-ordered price ceiling. 

He said these mass cancelations resulted in the deluge of available rice stocks in the world market. 

“It is obvious na artificial ang pagsirit ng presyo ng bigas sa mga palengke natin dahil tinatago 'yung mga bigas sa bodega as we have seen during our inspection (It's obvious that the price hike on rice was artifical because our inspection showed that rice stocks were being kept inside the warehouse),” the Leyte 1st district congressman added.

The Speaker insisted that the Palace was correct in imposing a price cap as it was the only effective way to discourage hoarders and price manipulators from carrying out their illegal schemes. 

Romualdez, along with several lawmakers, took part last month in a series of surprise inspections by the Bureau of Customs (BOC) at several warehouses in Bulacan. He has asked the BOC under Commissioner Bienvenido Rubio to send rice smugglers and hoarders to jail.

 

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