MANILA, Philippines — A lawmaker has urged the Philippine Competition Commission (PCC) to conduct a formal investigation into the possible rice cartel in the country.
This comes after several members of the House of Representatives quinta comm, or the super committee on the pursuit of cheaper food hearing earlier suspected that rice importers and traders are colluding to manipulate rice prices even after reduced import tariffs and an oversupply of rice in the country.
“Mr. Chair, may I move that we direct the PCC to open a formal investigation on a possible Rice cartel, and also provide PCC access to whatever information is obtained through this committee hearing,” Marikina City Rep. Stella Quimbo said on the quinta comm hearing on Wednesday.
Article continues after this advertisementREAD: Solons say rice traders colluding to control prices after tariff cut
FEATURED STORIES NEWSINFO VP Sara Duterte considering hiring private security force NEWSINFO NBI admits to start from scratch on probing threat vs VP Sara Duterte NEWSINFO Isko Moreno’s legacy of public markets in ManilaNo members of the panel objected leading Rep. Wilfrido Mark Enverga, chairperson of the Committee in Agriculture and Food, to direct the committee secretariat to act on Quimbo’s motion.
Based on the Philippine Statistics Authority (PSA) data, Quimbo pointed out during the previous hearing the disconnect between market conditions and prices. For instance, she noted that the rice dropped from 82.5 percent in 2023 to 69 percent this year.
Article continues after this advertisementGovernment data also revealed that the country has an estimated 2.5 million metric tons of rice stock inventory, 25 percent higher than the figure from 2023.
Article continues after this advertisementThe lawmaker said that importers and traders benefited about P13 billion from the reduced rice import tariffs. She further claimed that hoarding the stocks may have been the cause of the rice price increase.
Article continues after this advertisementCiting the National Economic and Development Authority, Iloilo First District Rep. Janette Garin also pointed out that it seemed that the rice price worldwide has lessened, but Filipinos, especially farmers, no longer feel the lowering prices.
In line with this, Quimbo demanded the effects of hoarding these rice stocks on Filipino families.
Article continues after this advertisement“Release the rice stocks so the prices will go down. Do it for the people,” she demanded.
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