The House of Representatives allocated a P2 billion fund to assist rice retailers affected by the price ceiling set by the national government.
The fund will assist those sellers who bought stocks above the cap of P41 per kilo for regular-milled and P45 for well-milled rice under Executive Order 39 issued by President Ferdinand Marcos Jr., which took effect today, September 5.
In a statement, House Speaker Martin Romualdez ordered the House Appropriations Committee to develop a way to look for a P2 billion fund to ease the impact of the price ceiling on retailers, who will lose profit when the implementation of P41 per kilo for regular-milled rice and P45 per kilo for well-milled rice is imposed in the executive order.
According to Romualdez, he instructed the chairman of the committee, Zaldy Co., to coordinate with the Department of Budget and Management (DBM) on the fund allocation.
With the order, Co said that they would promptly engage with Budget Secretary Amenah Pangandaman to expedite the release of P2 billion in funds for the rice retailers.
Meanwhile, Romualdez explained that the said initiative is proof that Congress is serious about ensuring that the food supply in the country is proper and vibrant.
