(UPDATED) Local grain retailers could incur up to P40,000 in losses a week after President Ferdinand Marcos Jr's order for a price cap on rice took effect Tuesday.

Frederic Dy, Grains Retailers Confederation of the Philippines Inc. Eastern Visayas president, said retailers in Tacloban feel bad over the order mandating a price ceiling for regular milled rice at P41 per kilo and well-milled rice at P45 per kilo.

"Bumili sila ng mahal na ibebenta nila ng palugi," he said in a TeleRadyo Serbisyo interview.

He said some retailers have closed up shop and opted not to sell their rice because of the size of the projected losses.

He said that at P2,450 per cavan of rice, retailers are spending P49 per kilo of rice.

Selling the rice for P45 per kilo would mean an automatic loss of P4 per kilo. "Paano na 'yung cellophane, 'yung upa ng pwesto, 'yung manpower?" he asked.

The Department of Social Welfare and Development earlier said it will give out up to P15,000 in financial aid to local grain retailers who may incur losses due to the price cap.

Dy, however, said retailers could incur P6,000 in losses daily at a minimum 20 sacks sold per day.

"Sa isang linggo, ang lugi mo P40,000 plus. Gaano tatagal ang isang retailer sa ganoong lugi?" he asked.

He also noted the executive order protects importers while targeting retailers.

Meanwhile, rice stalls in Agora Market in San Juan City were forced to follow the measure, with retailers admitting they're abiding with a heavy heart.

"Dapat 'yung P45, ibebenta ko ng P52, 'yung 41 naman, PP50. Para sana may pang-plastic, pampasahod, pwesto, sa pagkain, magkano lang kikitain namin," said rice retailer Beverly David.

In MegaQ Mart in Quezon City, buyers of cheaper rice flocked to the stalls, but retailers were not happy. For every kilogram of rice that they sell, they get an P8 loss.

"Ang sabi po nila, tutulungan po kami, bibigyan ng ayuda ng mawawala samin. Sa ngayon, makikisama na lang kami sa sinabi ng Pangulo na price ceiling para makabenta kami kahit papano," rice retailer Rachel Saner said.

The Department of Agriculture said they are aware of the predicament of the retailers.

"Gumawa naman ang steps ang ating Pangulo para matulungan ang ating maliliit na nagbibigas, nasa 15,000 from DSWD para sila ay matulungan," said DA Senior Usec. Domingo Panganiban.

It is still unclear as to when the cash aid will be distributed.

—With a report from Jervis Manahan, ABS-CBN News