MANILA – The Department of Trade and Industry (DTI) will work closely with the Department of Agriculture (DA) and the different local government units (LGUs), as well as with other national agencies to activate the Local Price Coordinating Councils for the effective implementation of the mandated price caps on rice.
In a statement, DTI Secretary Fred Pascual recognizes the urgency of addressing the escalating rice prices in the market.
“To fortify our monitoring and enforcement mechanisms, the DTI will mobilize its price monitors and engage with Local Government Units (LGUs) to activate their Local Price Coordinating Councils,” he said.
The Office of the Executive Secretary said on Friday that Executive Order No. 39 will take effect on Tuesday, 05 September 2023, after its publication in national newspapers.
Pascual emphasized that the price caps will not apply to special and premium rice.
At the same time, Pascual said that they will collaborate with the Philippine Competition Commission to undertake measures against cartels and other entities that manipulate prices to ensure the welfare and protection of rice consumers.
“In parallel, it is imperative to maintain stringent oversight over rice pricing and supply to preclude any potential hoarding and price manipulation by traders and retailers,” Pascual added.
The trade chief urges the Filipino people to report immediately to DTI any instances of overpricing or hoarding through their “One-DTI hotline” at 1-384, or e-mail at [email protected] as he emphasized that everyone’s participation is needed to “build a more equitable and prosperous nation.”
President Ferdinand R. Marcos Jr. approved on August 31 the recommendation of the DA and the DTI for the mandated price ceilings on regular and well-milled rice. Under Executive Order No. 39, the mandated price for regular milled rice is PhP41.00 per kilogram while the price cap for well-milled rice is PhP45.00 per kilogram.
Pascual said that the ceilings were computed based on the average rice prices for the last three months (May, June, and July) following Section 8 of Republic Act No. 7581, or the Price Act, and confirmed by cost analysis.
