TO prevent any impact of price ceilings, including rice hoarding and shortages, an economist-lawmaker said the price ceiling should be higher than the equilibrium price. House Committee on Ways and Means Chairman Joey Sarte Salceda made the statement following the issuance of Executive Order (EO) No. 39, which sets the…
TO prevent any impact of price ceilings, including rice hoarding and shortages, an economist-lawmaker said the price ceiling should be higher than the equilibrium price.
“In that sense, it will help prevent hoarding. But price ceilings can have negative second-round effects, such as shortages,” he said. “Our monitoring of supply must not merely be at the aggregate national level. If you impose a price ceiling but some areas have less rice than they need, you will see supply problems in the rice-deficit areas. So, supply monitoring must also be localized, and some augmentation must take place in rice-deficient areas,” he said.
Lagman said the government should provide subsidies to farmers to maintain a viable farmgate price of palay, saying the subsidy is geared towards reducing the cost of production, from pre-planting, planting, harvesting, milling, transport, and trading of palay. According to Lagman, the campaign against rice smuggling and cartelization must be fully intensified with the immediate apprehension, prosecution, and conviction, once warranted, of malefactors.House backing“We won’t stop until the President is successful in achieving his targets. We’re very serious about it. And we’re not going to stop here in Luzon; we’ll go to Visayas and Mindanao.
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