TODAY'S EDITORIAL: New system needed for moderating food prices
LAST weekend's onslaught of Tropical Storm 'Paeng' led to the declaration of a state of calamity in several parts of the country that were especially hard-hit. One of the features of this declaration, as provided for in Republic Act 7581, or the 'Price Act' is that the prevailing retail prices of essential goods are frozen for a period of up to 60 days or whenever the president lifts the state of calamity, whichever comes first.
Imposing the euphemistically named SRP price cap on goods, keeping prices below what the market would dictate if left alone in order to ease costs for consumers hurts producers' revenues; artificially raising retail or farmgate prices in order to ensure farm incomes penalizes consumers, and contributes to overall price inflation.It is a seemingly impossible dilemma.
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