Marcos to cap imported milled rice price at P50 amid price surge

President Ferdinand ''Bongbong'' Marcos Jr. will issue an executive order placing a P50 cap on the price of imported milled rice upon the recommendation of the National Price Coordinating Council, the Chief Executive said in a video message on Tuesday.

The DA recommended implementing a P50 price cap on imported rice as the agency monitored an “unreasonable” increase in prices, pointing to a supposed exploitation of the global oil shock situation amid the Middle East conflict.

Agriculture Secretary Francisco Tiu Laurel Jr. earlier said the agency monitored that several retailers were supposedly selling imported rice at P55 to P58 per kilo.

Among initial interventions being done by the DA to prevent rice price shock is to make available P45 to P48 per kilo rice in several markets.

Meanwhile, Marcos also said the P20 per kilo of rice program is expanding amid recent challenges brought by the Middle East tension, noting that a total of 627 centers are selling cheaper rice. 

Marcos ensured that at present, the price of rice is still at the suggested retail price level. –NB, GMA News