DTI lauds ‘’successful’’ implementation of rice price cap

DTI lauds ‘’successful’’ implementation of rice price cap

PRESIDENT Bongbong Marcos Jr., removed the price cap on rice on Wednesday, a move that set the price of regular-milled at P41.00 per kilo and well-milled at P45.00 per kilo.

According to the Department of Trade and Industry (DTI), more than 80% of rice retailers have been compliant with President Marcos’ order.

‘‘If, from our vantage point, the market retail price will be our measure of proper listing and payout. I think that there’s a great measure of success in that aspect,’’ according to Atty. Fhillip Sawali Director DTI – Fair Trade and Enforcement Burea.

DTI, DSWD to continue aid distribution to rice retailers despite lifting rice price cap

But even though President Marcos removed the price cap, Trade Secretary Alfredo Pascual made it clear that the cash assistance to the affected rice retailers would continue.

Their names have already been submitted to the Department of Social Welfare and Development (DSWD).

‘‘We will finish to be fair, right? Fair. The fight is fair,’’ Sec. Alfredo Pascual Departement of Trade and Industry, said.

According to the DTI, the DSWD has distributed P217.2-M in cash assistance to more than 14,000 rice retailers out of the 19,685 total number of retailers nationwide.

Cash assistance distributed to rice retailers (29 September 2023) P217.2-M to 14,480 rice retailers

DTI to continuously monitor rice prices

The DTI added that even though the price cap has been removed, they will not stop monitoring the rice prices.

‘‘In any case po we’re here. We will be closely monitoring the prices of rice and other BNP (basic necessities and prime) basic assigned to DTI,’’ according to Atty. Fhillip Sawali.

DTI stands that no SRP adjustment until 2023

Meanwhile, the DTI maintained that there is no adjustment in the suggested retail prices of various products despite some manufacturers insisting on higher prices.

Pascual revealed that in their previous meeting with manufacturers who requested higher prices, some of them withdrew their request.

‘‘Well, in our meeting with the manufacturers, that influenced others, and there was a consensus to hold up until the end of the year. These include manufacturers of bottled water, candles, condiments, bread, and toilet soap,’’ according to Sec. Pascual.

On Thursday, the DTI is scheduled to meet with canned sardine manufacturers to appeal to them that there will be no adjustment in the SRP of various products until the end of 2023.


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