President Ferdinand 'Bongbong' Marcos Jr. has issued an executive order (EO) imposing price ceilings on rice throughout the country.
Under EO No. 39 dated August 31 and released on September 1, the following rice prices shall be imposed in local markets:
- Regular Milled Rice - ₱41 per kilogram
- Well-milled rice - ₱45 per kilogram
The said price cap was recommended by the Department of Agriculture (DA) and the Department of Trade and Industry (DTI) as the retail prices of rice in the market have surged despite the stable and sufficient rice supply.
The order will take effect immediately upon publication in the Official Gazette or in newspaper.
"The mandated price ceilings shall remain in full force and effect unless earlier lifted by the President upon the recommendation of the Price Council or the DA and DTI," the order reads.
DTI and DA are directed to ensure that mandated price ceilings are being implemented in local markets, pursuant to Section 10(9) and (15) of Republic Act No. 7581 or the Price Act.
The two government agencies are also tapped to monitor and investigate abnormal price movements.
Meanwhile, the Bureau of Customs (BOC) is instructed to "intensify ongoing inspections and raids of rice warehouses to combat hoarding and illegal importation of rice in the country, and to facilitate the confiscation, seizure, or forfeiture of smuggled rice as may be warranted by law."
The Philippine Competition Commission (PCO) shall assist the DA and DTI to take necessary measures against cartels.
"The Philippine National Police and other law enforcement agencies shall render the necessary support and assistance to the DTI and DA to ensure the immediate and effective enforcement of this Order," the EO reads.
Based on DA's Bantay Presyo as of August 30, the price of local commercial rice ranges from ₱42 to ₱65 per kilo.
The imported commercial rice ranges from ₱43 to ₱65.
