Imported rice price capped at P50 per kilogram

PRESIDENT Ferdinand R. Marcos, Jr. set the price ceiling for imported rice at P50 per kilo, citing the need to contain prices during the national energy emergency and deter market manipulation.

Executive Order (EO) No. 118, signed by Executive Secretary Ralph G. Recto on May 13, ordered the cap on the price of 5% broken imported rice for an initial period of 30 days.

“There is a need for urgent measures to protect consumers by curbing profiteering and other abusive market practices, and to ensure the adequate supply, reasonable pricing, and accessibility of rice for Filipinos,” according to the order.

The EO follows a recommendation from the National Price Coordinating Council, which was tasked with reviewing the cap every 15 days for possible adjustment or discontinuation.

Mr. Marcos also ordered the Philippine Competition Commission and the departments of Trade and Industry and Agriculture, to target cartels in the rice industry and prevent the abuse of dominant market positions to ensure fair market competition.

He also directed the Bureau of Customs to run after hoarders, smugglers and illegal imports, granting it the authority to seize and forfeit smuggled stocks.

Mr. Marcos declared a year-long energy emergency in March as the Iran war threatened the fuel supply and food security.

The war stoked inflation in April to a three-year high of 7.2%.

The government’s emergency measures have so far included targeted subsidies and the suspension of the excise taxes on liquefied petroleum gas and kerosene. — Chloe Mari A. Hufana