President Ferdinand Marcos Jr. has set price ceilings on rice to counter alleged price manipulation that has driven higher the cost of the country’s staple food, his office said Friday.
Marcos Jr., who is also sitting as agriculture secretary, issued Executive Order 39 that sets a price cap of P41 per kilo of regular milled rice and P45 for a kilo of well-milled rice.
“The mandated price ceilings shall remain in full force and effect unless earlier lifted by the President upon recommendation of the Price Coordinating Council or the DA (Department of Agriculture) and DTI (Department of Trade and Industry),” the executive order said.
Rice is a major component of the basket of goods used to determine inflation. The central bank has warned that high cost of rice likely helped fuel the acceleration of inflation in August to the 4.8 to 5.6 percent after easing to 4.7 percent in July.
The DTI and DA were designated by President Marcos to ensure the strict implementation of the mandated price ceiling. These agencies shall be backed by the police and other law enforcement agencies to make sure the price ceilings are observed.
The price of rice in the world market has risen substantially after India decided to ban export of certain rice varieties.
