Marcos imposes P50 price ceiling on imported rice
Photograph courtesy of pco
Daily TribunePhotograph courtesy of pco
President Ferdinand Marcos Jr. on Wednesday signed Executive Order No. 118 imposing a temporary price ceiling on imported rice following the recommendation of the National Price Coordinating Council.
The executive order imposes a maximum retail price of P50 per kilogram for imported rice with 5 percent broken grains for a period of 30 days, unless earlier lifted by the President upon the recommendation of the NPCC.
According to the EO signed on 13 May, the measure aims to address unjustified price increases, prevent market abuse and ensure the availability of affordable rice while maintaining market stability.
The order also cited the need for urgent measures to protect consumers from profiteering and other abusive market practices, while ensuring adequate supply, reasonable pricing and accessibility of rice for Filipinos.
“The NPCC shall conduct a periodic review of the implementation of the price ceiling every 15 days, and recommend to the President the continuation, adjustment, or lifting thereof based on prevailing market conditions and available data as may be necessary,” the EO stated.
The order directed the Department of Trade and Industry and the Department of Agriculture to ensure the strict and uniform enforcement of the price ceiling, including the monitoring and investigation of abnormal price movements.
The Department of the Interior and Local Government was also instructed to provide support for the implementation of the order.
Meanwhile, the Bureau of Customs was directed to conduct inspections and enforcement operations against hoarding, smuggling and illegal rice importation, including the confiscation and seizure of smuggled rice when warranted.
The Philippine Competition Commission, in coordination with the DTI and DA, was also tasked to act against cartelization, abuse of dominance and other anti-competitive practices to protect consumers and ensure fair market competition.
The EO further ordered the Philippine National Police and other law enforcement agencies to support the immediate and effective enforcement of the order.