Romualdez says rice market prices down to P42 per kilogram

Speaker Martin Romualdez | PHOTO: Official Facebook page of the House of Representatives of the Philippines

MANILA, Philippines — Rice prices have dropped to P42 per kilogram according to House of Representatives Speaker Ferdinand Martin Romualdez, as he visited local markets in Makati City and Quezon City on Wednesday.

In a statement, Romualdez attributed this decrease in prices to the interventions made by President Ferdinand Marcos Jr. and his administration, like the reduction in imported rice tariffs to 15 percent.

“Nakita natin may 45 pesos kada kilo, meron ding 42 pesos for broken rice, yung well-milled P45. At yun talaga ang gusto nating makita, na pababa ng pababa (ang presyo ng bigas),” Romualdez said.

(We saw that there is really rice sold at P45 per kilogram, there is also P42 per kilogram for broken rice, P45 per kilogram for well-milled.  That is what we want, lower prices of rice.)

“On behalf of the House of Representatives, we welcome this positive development. This is truly in line with the Marcos administration’s commitment to ensuring that food, particularly rice, remains affordable and accessible for all Filipinos,” he added.

READ: Marcos formalizes rice tariff cut via EO 62 

According to Romualdez’ office, he visited the Guadalupe Market in Makati and the Farmers’ Market and Nepa Q-Mart in Quezon City upon the invitation of the Philippine Rice Industry Stakeholders’ Movement (PRISM), the Department of Trade and Industry (DTI) and the Department of Agriculture (DA).

Romualdez said he hopes the trend will continue up to the Christmas season.

“Together with PRISM and other stakeholders, we have been actively working to stop rice hoarding and price manipulation. I would like to commend the rice traders who have responded to our call to make rice affordable and available for everyone,” the Speaker said.

“The Marcos administration is committed to implementing long-term solutions, such as increasing domestic rice production, improving import regulations, and penalizing those involved in illegal trade practices,” he added.  “President Ferdinand Marcos Jr. has made it clear that food security is a top priority for his administration. This is not just about lowering prices temporarily, but about ensuring a sustainable supply chain that benefits both consumers and farmers.”

Last June 24, Romualdez said that rice industry stakeholders gave an assurance that market prices can go down to P45 to P46 per kilogram by July due to savings from lower tariff rates.

READ: Stakeholders say rice down to P46/kilo in July due to tariff savings 

This promise from the stakeholders were higher than the previous commitment of bringing down rice prices by P10 to P15 per kilogram if Republic Act No. 11203 or the Rice Tariffication Law (RTL) is amended.

The House finalized the amendments, but the Senate failed to address the proposed bill.

READ: Romualdez: Rice prices down P15 if rice tariff law amended by June 

Romualdez however said that the RTL amendments is not the end-all of efforts to bring down rice prices, highlighting the administration’s Program 29, where rice is sold at P29 per kilogram in Kadiwa stores.

According to the Speaker, inflation figures for August 2024 slowed down because of this program.

READ: Romualdez: Cheaper rice at Kadiwa stores helped slow August inflation 

Aside from Romualdez, several lawmakers like Deputy Majority Leader Erwin Tulfo, along with fellow ACT-CIS Partylist Rep. Edvic Yap, and agriculture panel chairperson and Quezon 1st District Rep. Mark Enverga were present during the visit.

“As we continue to work towards this goal, we ask for the cooperation of all stakeholders. This is a whole-of-nation approach, and together, we will make sure that no Filipino family goes hungry,” he said

“This price reduction is just the beginning. We will not stop until rice is affordable to every Filipino family. We remain committed to improving the livelihoods of our farmers while ensuring that consumers are not overburdened by high prices,” he added.