NEDA confident rate ceiling will control soaring rice prices
The agency noted that the current price of rice needs to be consistent with the country's ample supply of rice.
The agency noted that the current price of rice needs to be consistent with the country's ample supply of rice.
The National Economic and Development Authority (NEDA) on Sunday said it expressed support for the issuance of Executive Order No. 39, which imposes mandated price ceilings on rice.
The order, which President Ferdinand Marcos Jr. signed on 31 August, sets the maximum price of regular milled rice at P41 per kilogram and well-milled rice at P45 per kilogram.
In a statement, NEDA said imposing the EO 39 will help combat the hoarding, profiteering, smuggling, and cartelization of rice in the country.
NEDA added that the price ceiling is a necessary measure to address the sharp increase in the price of rice in recent weeks.
The agency noted that the current price of rice needs to be consistent with the country's ample supply of rice.
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"The imposition of a price ceiling on rice will address this issue in two ways: (1) it will immediately reduce the price of rice, and (2) it penalizes and consequently discourages hoarding, further decreasing the price of rice," NEDA said.
"The imposition of a price ceiling on rice is not a standalone initiative. Law enforcement authorities continue their valiant efforts to crack down on individuals who hoard, excessively profit from, smuggle, or participate in rice cartels," it added.
NEDA underscored that the EO is complemented by other initiatives to ensure the availability and affordability of rice, such as the Rice Competitiveness Enhancement Fund (RCEF), which provides financial assistance to rice farmers, and the Inter-Agency Committee on Inflation and Market Outlook, which monitors the prices of goods and services.
NEDA said that it is confident that the price ceiling will "effectively address" the high price of rice in the country.
The agency also said that it will continue to monitor the rice market and take appropriate measures to ensure the availability and affordability of rice for all Filipinos.
NEDA added that the government's priority is to ensure that the country has an ample supply of affordable rice.
On the other hand, the agency assured that the country has enough rice supply for the third quarter.
"With the upcoming harvest season starting in September and additional import orders already secured, there will also be enough rice for the rest of the year," NEDA said.
