House Speaker Romualdez Orders Probe into Widening Gap Between Farmgate and Retail Prices

House Speaker Martin Romualdez has ordered an immediate inquiry into the widening gap between farmgate and retail prices of rice and other basic goods in the Philippines. Romualdez cited the plight of Filipino farmers and the need to protect the interests of both consumers and producers. The investigation will be conducted by the House Committee on Agriculture as soon as the Congress session resumes on April 29, 2024.

Romualdez met with representatives of producers, retailers, and grocery stores, who denied making any substantial price changes. The discrepancy between farmgate and retail prices is concerning, and the House will look into the price discrepancy, review existing laws, and formulate effective policy interventions to protect the interests of both consumers and producers and deter profiteering.

The Speaker said the discrepancy is 'concerning' and warrants immediate attention, as it affects both farmers and consumers. Food inflation rose to 5.7% in March, with prices of rice, corn, flour, and bread products accelerating to 19.8%. Romualdez has directed the House Agriculture and Food Committee to launch an inquiry into the 'disconnect' between farmgate and retail prices.

Why this matters: The widening gap between farmgate and retail prices of basic goods directly impacts the livelihoods of farmers and the affordability of essential commodities for consumers. Addressing this issue is critical for ensuring fair pricing practices and protecting the interests of both producers and the general public.

Romualdez called on all stakeholders, including government agencies, industry representatives, and consumer advocacy groups, to actively participate in the probe and contribute to the formulation of effective policy interventions. He committed to conducting a thorough review of existing laws to prevent profiteering and promote a fair and transparent trading environment. The goal is to ensure the sustainability of businesses and the continued delivery of affordable basic goods and services to consumers.

Key Takeaways

• House Speaker Romualdez orders probe into widening gap between farmgate and retail prices
• Discrepancy affects farmers and consumers, with food inflation rising to 5.7% in March
• Romualdez meets with producers, retailers, and grocery stores, who deny price changes
• House to review laws and formulate policy interventions to protect interests of all parties
• Goal is to ensure fair pricing practices and affordable basic goods for consumers