Romualdez: House eyes lower rice prices by June with Rice Tariffication law changes

Speaker Martin Romualdez on Tuesday said that the House of Representatives will pass a bill amending the Rice Tariffication law (RTL) to restore the National Food Authority (NFA)’s authority to buy rice and sell it at a cheaper price, among other reforms.

Romualdez made the statement after the first hearing on proposed bills amending the RTL were deliberated before the House agriculture and food panel.

The RTL allows unlimited entry of imported rice in the country, a measure envisioned to bring down the prices of rice due to larger supply. Likewise, the same law bans the NFA from buying and selling rice and limits its mandate to managing buffer rice stocks.

These provisions were envisioned to bring down rice prices due to increased supply, but rice prices continue to increase in the six years since the law was enacted, as seen in the latest government data showing that the rice inflation rate going up to 24.4% in March compared with 23.7% in February.

“These amendments to RTL...we are pounding on this because the President [Ferdinand "Bongbong" Marcos, Jr.] told us that we have to find ways how to bring down rice prices,” Romualdez told reporters in a chance interview.

“Tina-target natin na by June, iyong presyo ng bigas will be down by P10 to P15 per kilo....close to P40 per kilo [na lang ang presyo] by having the NFA bring to the market the affordable rice,” Romualdez added.

(Our target is that by June, rice prices will be down by P10 to 15 per kilo....that the price will just be close to P40 per kilo.)

Romualdez then called on the Senate to act with the RTL amendments with the same urgency.

“We call on our friends in the Senate to make this measure an urgent matter [for approval] and make the coordination with the Office of the President to bring down the rice prices. Ito ang gusto ng Presidente,” he said.

(This is what the President wants.)

For its part, Romualdez said the House agriculture and food panel will hold marathon hearings on the proposed bills amending the RTL.

“Aaraw-arawin nila ang hearings para maipasok iyong mga amendments, sa taripa, sa tez, at iyong pagbili ng NFA ng bigas thru the DA (Department of Agriculture.)

“Ngayon kasi, may limitasyon [dahil sa RTL]. Ito (amendments) ang paraan na nakikita natin. Bago  mag sine die [adjournment], tatapusin natin ito para mapapababa ang presyo ng bigas,” he added.

Romualdez, however, clarified that such effort is not a guarantee that the President’s campaign promise of reducing the rice prices of P20 per kilo will happen.

“World market prices of rice are really high right now, but that [P20 per kilo] is the aspiration, target,” he said.

“The goal here is not really the price, but to have rice prices that are affordable because the President does not want to burden the consumers,” he added. — BM, GMA Integrated News