Senate to probe price hikes

ROSALES, Pangasinan, Philippines – The Senate will conduct an investigation on Thursday on the cause of the recent spike in the prices of garlic, rice and pork, according to an official of the Samahang Industriya at Agrikultura (SINAG), a multi-sector agricultural group.

SINAG chairman Rosendo So yesterday said they have talked to Sen. Cynthia Villar, head of the Senate committee on agriculture and food, and she initiated the probe to address the problem.

So cited as an example the big difference between the prices of commercial rice and National Food Authority (NFA) rice.

He said they would like to know how many cavans of NFA rice are released every week in a particular area.

So is also urging the Department of Trade and Industry to put a suggested retail price (SRP) for chicken meat amid the rising cost of the product.

So said reports indicate that from P84 per kilo, the price rose by P6 to P90 per kilo.

“We will have it checked why there was such a big increase,” he said.

So said if the DTI puts an SRP for chicken in groceries, market vendors will also follow suit.

Declining sugar prices

Meanwhile, sugar prices have declined following the move of the Sugar Regulatory Administration (SRA) to authorize the reclassification of sugar tagged for the world market for sale to the domestic market.

“The effect of the conversion program which is meant to augment the domestic supply can be observed by the decrease of sugar prices both in the mill gate and retail market,” the SRA said in a statement yesterday.

As of June 25, conversion of “D” sugar or sugar for the world market to “B” sugar or for the domestic market has reached 55,166.64 metric tons or 61.30 percent of the 90,000 MT authorized for reclassification.

The SRA said the mill gate price of domestic B sugar was down to P1,635.33 as of June 15, from the May average of P1,746.63.

Based on price monitoring reports, the prevailing retail price of refined sugar in groceries had dropped to P49 per kilo as of June 24, from P50 per kilo on June 13.

The SRP of refined sugar is P50 per kilo.

The SRA earlier ordered the reclassification of 90,000 MT of sugar tagged for the world market for sale to the domestic market by issuing Sugar Orders No. 10 and 11 aimed at bringing down prices.

Sugar Order No. 10 dated May 23 provides the procedures for the reclassification of D sugar to B sugar.

Sugar Order No. 11 issued on June 5, meanwhile, sets the volume of D sugar for conversion at 90,000 MT.

The SRA said the orders were issued to reduce sugar prices that started to rise earlier this year due to an increase in local demand.

The right to convert D sugar to B sugar must be exercised not later than July 1.

All D sugar with conversion rights not converted to B sugar by the deadline shall remain as D and will be exported. – With Louella Desiderio