Rice prices in Bacolod City’s markets remained above the price cap set by President Ferdinand Marcos Jr. on Tuesday, September 5.
Executive Order No. 39 issued by Marcos that took effect Tuesday set the price cap for regular milled rice at P41 per kilo and P45 for well-milled rice.
Regular milled rice was still selling at P49 and well-milled rice from P50 to P52 a kilo at Bacolod markets.
The Bacolod City government will convene its Price Monitoring Council to discuss the procedures for monitoring and enforcement of the price cap, City Administrator Pacifico Maghari III said.
Mayor Alfredo Abelardo Benitez said they will make sure the executive order on the price cap is properly implemented.
Dina Genzola, Negros Occidental OIC provincial agriculturist, said they are collaborating with the Department of Agriculture and the Department of Trade and Industry in monitoring the rice prices in the markets.
Local government units in the province have also been asked to monitor the rice prices in their areas, she said.
The OPA conducts regular price monitoring and is now on the lookout for those selling above the price cap.
Crispino Cepida, a La Carlota miller and retailer, said while the price cap is good for consumers, government should have given retailers at least a month to dispose of their rice in stock before imposing it to prevent losses.
He said they purchased the rice at high prices and now have to sell at low prices.
Also at the losing end are the rice farmers who previously sold their fresh palay at P 20 to 23 a kilo and are now selling at P17 to 19, which could drop even further, because of the price cap, he said.
While a price cap was imposed on local rice no ceiling was imposed on imported rice, he added.
He also said a short term price cap could also lead to hoarding by unscrupulous persons who will buy while the prices are low and sell when the cap is lifted.*