1 Mayo 2024, Miyerkules
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'Traders to explain soaring prices of goods in probe'
By Nidz Godino
"We will call traders, middlemen.. we will ask why there is huge gap… this is farmgate and what you're selling has large difference," House Speaker Ferdinand Martin Romualdez said at press conference with Deputy Majority Leader for Communications and ACT-CIS Partylist Rep. Erwin Tulfo and trade panel chairman, Iloilo 4th District Rep. Ferjenel Biron traders and middlemen must give proper responses to congressmen, once House committee on trade and industry continues its inquiry on soaring prices of basic goods despite plunging farmgate prices.
Romualdez vowed people would be made accountable if invited traders won't be able to justify runaway prices of their products.
"So, we will inquire as to why that is…if there is no adequate explanation, if they're too greedy for profits, we need to tell them to moderate ... because if not, we'll all be affected and of course, someone will be held responsible for that, right?" Romualdez said.
Earlier committee held briefing on growing disparity between farmgate prices and retail prices, as ordered by Speaker himself.
Romualdez, Tulfo and Biron all disappointed over admission of resource persons from Department of Agriculture (DA) and Department of Trade and Industry (DTI) that there was no immediate solution to disparity.
So now, it's traders and middlemen who will be resource persons in the next hearing, said Romualdez.
"So, to the profiteers, to traders, to middlemen who are too greedy with their profits, pay attention…moderate your greed and try to be more reasonable," said leader of 300-plus strong House of Representatives.
Romualdez said growing disparity between farmgate prices and retail prices must be abated for the sake of Filipino farmers and consumers.
He said while he has nothing against businessmen who are out to make profit, they should still be mindful of their countrymen who are struggling to make ends meet.
"We have no problem with traders needing to make profit, but it must be just enough not so much that consumers are being overly-affected…life is already hard, especially in this hot weather, right…we need to show little sympathy to our fellow Filipinos." Romualdez said.
House leaders have observed government agencies tasked to ensure low cost of basic commodities in market seemed "inutile" or useless in fighting continued skyrocketing of prices.
"During our hearing, it was revealed Department of Agriculture has in fact monitoring, surveillance and adjudication powers, but they're inutile…was never done by the department, we asked them what did they do to profiteers, wholesalers, middlemen that have been violating for longest time, and it was very unfortunate when they revealed they did nothing," Biron told reporters.
Panel chairman Biron himself noticed "mark-up" was 200 percent, as reckoned from farmgate prices of these basic commodities at retail outlets in the market, primarily because even "importers have low import cost or landed cost for their commodities."
"It still ends up with very high price once it is already in retail market…it was an eye-opener for committee to pursue serious actions against all these violators…so, in our subsequent hearings, I'm sure we will be able to know who these people are."
For one, Biron got confirmation from Organization of Supermarkets that their profit margin was only pegged at eight percent, while they have 10 percent for "refrigerated commodities."
"In other words, profit of end-user, supermarket, is very miniscule," he said.
Tulfo, for his part, declared profits of these unscrupulous businessmen, along with middlemen, were way above what should be fair. "Their profit is too much…that's why the Speaker said they should moderate their greed."
"For now, we are requesting them to please lower their prices, but of course, we also have power to direct DA or DTI to use their powers of prosecution, as in Congress I believe we can do that," former broadcast journalist warned.
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