No price cap arrests, yet
Mr. Marcos said the price ceiling would be temporary, a measure to stop hoarders from jacking up retail prices of the staple grain
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Mr. Marcos said the price ceiling would be temporary, a measure to stop hoarders from jacking up retail prices of the staple grain
No arrests were made for violation of the rice price cap set by President Ferdinand Marcos Jr. on the first day of the implementation of Executive Order 39.
This was the case on Tuesday, at least as far as the Department of the Interior and Local Government's inspection of markets led by Secretary Benhur Abalos Jr. was concerned.
EO 39, signed last Thursday by Executive Secretary Lucas Bersamin, set the rice price cap at P41 per kilo for regular-milled rice and P45 a kilo for the well-milled variety.
In Indonesia to attend the 43rd ASEAN Summit, Mr. Marcos said the price ceiling would be temporary, a measure to stop hoarders from jacking up retail prices of the staple grain.
The government, through the Department of Agriculture, which the President concurrently heads, and the Department of Trade and Industry, has maintained that there is sufficient rice supply in the country.
The President blamed a cartel of smugglers and hoarders for creating an artificial shortage to justify high rice prices at retail outlets.
Market sellers have complained that they will incur losses if they would follow the pricing cap since they would be selling below their acquisition costs.
Abalos appealed to rice retailers and dealers to adhere to EO 39 to ease the financial burden on the public that is reeling from inflation, which revved up to 5.3 percent in August after slowing down six months prior.
Abalos made the plea as he inspected NEPA Q-Mart and Savemore Supermarket in Cubao, Quezon City, together with Quezon City Mayor Joy Belmonte and DTI Assistant Secretary Agaton Uvero.
"Our target here are the members of the cartel. They are the ones who are raising the price of rice," Abalos said in Filipino. He assured the affected retailers the government would compensate them for any losses they would incur from following the price cap.
Abalos said the government is computing how much aid it should provide rice dealers and retailers. He warned the government would be forced to impose penalties if rogue traders do not follow the price cap.
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