Sen. Risa Hontiveros during the deliberation of the Finance Subcommittee in this file photo taken on October 2, 2023. Senate PRIB file photo / Bibo Nueva España
MANILA, Philippines — Senator Risa Hontiveros expressed hope that entities who caused the increasing prices of rice would be penalized as the price cap ended on Wednesday.
“The claim that cartels, hoarders, and price manipulators were responsible (but thwarted by the price cap) remains unproven, even months after the President ordered an investigation. Sana sa pagtatapos ng price cap, may mga nakasuhan at naparusahan na,” Hontiveros said on Wednesday.
(As the price cap ends, hoping that those who are accountable be punished.)
Hontiveros also hit the price cap as a “show of dramatic action” to popularize the administration and to induce “widespread concern and panic,” which were done to prepare the public for the government’s agricultural moves, such as the importation of rice.
“The price cap and the padlocking of rice warehouses was a show of dramatic action to help shore up the popularity of the Administration. Seemingly, its true purpose was to induce widespread concern and panic, to prepare the public sentiment for extraordinary and irregular moves, like the importation of rice by the government itself,” Hontiveros said.
She also mentioned that instead of punishing hoarders who wanted to cause price increases, rice retailers took the brunt.
“The primary aim of the price cap was to penalize hoarders expected to drive up prices in September. Unfortunately, it was the rice retailers who bore the brunt, subsequently queuing up for partial compensation from the Department of Social Welfare and Development,” she noted.
On Wednesday, President Ferdinand “Bongbong” Marcos Jr., who is also the concurrent secretary of agriculture, announced the lifting of the ceiling on rice prices, which lasted for more than four weeks.
Under the price cap, regular-milled rice was sold at P41 per kilo, and well-milled rice was sold at P45 per kilo.