The Department of Trade and Industry (DTI) has assured small-scale rice retailers that they will still receive the ₱15,000 cash aid from the government despite the lifting of the price ceiling on rice.
DTI Fair Trade Enforcement Bureau Director Fhillip Sawali said that there are still over 5,700 retailers scheduled for payout as of Monday.
The cash aid is being distributed using a list drawn up by the Department of Social Welfare and Development (DSWD), which identified over 14,000 recipients out of the 19,000 micro and small retailers submitted by the DTI.
The DTI said that retailers’ compliance with the price cap allowed the price of the regular milled rice to go down to ₱41.05 per kilo, and of well-milled rice to ₱45.31 per kilo, closer to the respective ₱41-and-₱45-per-kilo price set under the Malacañang directive.
President Ferdinand Marcos Jr. lifted the price cap on Wednesday following the joint recommendation of the DTI and the Department of Agriculture, which cited more stable supply and improving global prices.
Trade Secretary Alfredo Pascual said that the country’s level of self-sufficiency when it comes to rice stands at around 95% and that imports will fill the 5% gap.
The lifting of the price cap is expected to give retailers more flexibility in setting their prices, but the DTI has warned against profiteering.
The agency said that it will continue to monitor the market and will take action against retailers who overprice rice.
Source: PhilNews24 | October 5, 2023
