Widespread practice of alleged illegal price manipulation prompted President Ferdinand R. Marcos, Jr. to issue a nationwide cap for rice to ensure the food staple will remain affordable. Citing the provision of Republic Act No. 7581 or the Price Act, the chief executive issued Executive Order (EO) No. 39 last Thursday imposing…
In file photo: A man checks rice at a store in Quezon city, Philippines, on Monday, Aug. 14, 2023. Widespread practice of alleged illegal price manipulation prompted President Ferdinand R. Marcos, Jr. to issue a nationwide cap for rice to ensure the food staple will remain affordable.
In a statement, DTI Secretary Alfredo E. Pascual said the price ceiling for imported rice will be based on the Bureau of Custom’s reference price. This despite the projection of the DA that the country will have a 10.15 million metric tons rice supply during the second half of the year, which it noted will be sufficient to cover the current demand of 7.76 MMT.
“The real problem is in NCR . Not so bad outside of Metro Manila. That is why we will be focusing our efforts in Metro Manila,” Marcos said in an interview with reporters after officially declaring Palawan Island as insurgency-free last Friday. DA will share with the BOC relevant information such as the inventory of rice stocks, the list of accredited rice importers, and the location of rice warehouses. Federation of Free Farmers National Manager Raul Q. Montemayor expressed concern over the potential negative impact of the EO 39 to rice farmers and traders since it made the prices of the food staple artificially low.
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