An initial batch of 25,000 resellers of regular and well-milled rice in Metro Manila markets will get a P15,000 subsidy
to offset losses from having to sell their rice at government-imposed price ceilings before the week is over, the Department of Trade and Industry said Wednesday.
Apart from financial and logistics support, the DTI is also preparing an interest-free loan assistance program for small businesses affected by the price ceiling. President Ferdinand Marcos Jr. earlier approved the imposition of a price ceiling of P41 per kilo for regular milled rice and P45 per kilo for well-milled rice. The price cap took effect Tuesday, September 5.
He said he assured rice retailers that the price ceilings were only a temporary measure to make sure rice was accessible and reasonably priced. He said when prices stabilize when the wet season harvest begins, the government will lift the price ceilings. At the Lower House, Marikina City Rep. Stella Quimbo filed a bill allowing the President to declare a “National Rice Emergency” for a maximum period of six months.
“We learned that there are market stalls and stores that permanently closed shop because they cannot cope up with the rice price cap… The city government may waive rental fees or provide discounts to rice dealers, wholesalers, and retailers in the city to help alleviate any challenges they may face due to these price adjustments,” she said.
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