Marcos removes price cap on rice

PRESIDENT Ferdinand Marcos Jr. on Wednesday lifted the price cap on rice.

In a media interview, Marcos said he removed the price cap as the government has already rolled out measures to protect the poor and the most vulnerable.

“I think it’s the appropriate time since namimigay tayo ng mga bigas. Yes, we are, as of today, lifting the price caps on rice, both for the regular milled rice and for the well-milled rice,” Marcos said.

“Tinatanggal na natin ‘yung mga control pero hindi ibig sabihin basta’t ganun na lang dahil kailangan pa rin natin ayusin ang agricultural sector. Kailangan pa rin natin tulungan ang mga pinakamahirap, pinakagutom para kahit papaano makaahon sila,’’ he added.

Marcos’ decision came a day after he met with representatives from the Department of Trade and Industry (DTI), the Department of Agriculture (DA), and other entities to discuss the present indicators regarding rice prices.

On August 31, Marcos issued Executive Order 39, directing retailers to adjust the price ceiling for regular milled rice to P41 per kilogram and P45 per kilogram for well-milled rice. The price cap took effect on September 5.

“Despite the steady supply of rice, the DA and DTI have also reported that the widespread practice of alleged illegal price manipulation, such as hoarding by opportunistic traders and collusion among industry cartels in light of the lean season, as well as global events taking place beyond the Philippines’ control, such as the Russia-Ukraine conflict, India’s ban on rice exportation, and the unpredictability of oil prices in the world market, among other factors, have caused an alarming increase in the retail prices of the basic commodity,” the EO read.

To mitigate the impact of the price cap, the government provided aid to retailers, logistics support, and market linkages to retailers in wet markets and sari-sari stores, among other initiatives.