Malacañang assured that the Marcos government will intensify monitoring of rice prices in the market as the Philippine headline inflation increased to 5.3 percent in August.

In a statement released on Wednesday, Executive Secretary Lucas Bersamin noted the reports of the Philippine Statistics Authority and the National Economic and Development Authority that said the inflation rate increased due to rice prices.

"Our office will be vigilant to achieve the goal of lowering the price of rice in our markets and supermarkets," Bersamin said.

"This data is one of the main reasons for the President's decision to set a price ceiling on rice, and it is a temporary policy to address inflation," the Executive Secretary explained.

Last 31 August, the President issued Executive Order No. 39, which mandated price caps for regular and well-milled rice at P41 per kilogram and P45 per kilogram, respectively.

Bersamin said this policy also aims to alleviate the suffering of our citizens and eradicate price manipulators.

The Executive Secretary added the President issued the EO to shield the vulnerable population against the unjustified and artificial increases in rice prices caused by hoarding and price manipulation.

"The increase in inflation is due to the prices of food, especially rice, in general. That's why our President decided to implement a price ceiling on rice because he sees that its increase is being manipulated, causing hardships for our fellow citizens. The price ceiling is a step to address inflation and alleviate the suffering of our people. We will continue to monitor and address the needs of every Filipino," Bersamin said.

Under the EO, the Department of Trade and Industry and the Department of Agriculture, in coordination with other government agencies, shall ensure strict implementation and provide assistance to retailers affected by the price ceiling.