Marcos sets P50/kg cap on imported rice to curb price surge

President Ferdinand “Bongbong” Marcos Jr. has mandated a price ceiling of P50 per kilogram on imported rice nationwide in a bid to address the unjustified increase in the commodity's price.

Under Executive Order No. 118, Marcos imposed the price cap for 30 days, unless lifted earlier upon the recommendation of the National Price Coordinating Council (NPCC).

The NPCC was directed to 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.

The Department of Trade and Industry (DTI) and the Department of Agriculture (DA) were likewise tasked to ensure strict enforcement of the price cap, including monitoring and investigating abnormal price movements.

The Bureau of Customs (BOC), meanwhile, shall conduct inspections and enforcement operations to combat hoarding, smuggling, and illegal importation of rice, including the confiscation, seizure, or forfeiture of smuggled rice, as warranted.

The DA earlier said the proposed price ceiling, once approved, would cover imported rice with 5% broken grains.

By limiting the measure to 30 days, the agency said policymakers appear to be signaling a stop-gap approach or one that buys time while monitoring market response.

The DA also said the initiative was designed as a targeted intervention to temper price increases in the country's most essential food staple while broader inflationary pressures persist amid the escalating Middle East conflict. —LDF, GMA News