Philippine : Marcos sets temporary price ceiling on imported rice
Philippine President Bongbong Marcos has imposed a temporary price ceiling of P50 per kilogram on imported rice to curb alleged profiteering and stabilize food prices. The 30-day measure aims to protect consumers amid market volatility, with authorities intensifying action against hoarding, smuggling, and anti-competitive practices in the rice sector.
President Marcos has ordered the imposition of a temporary mandated price ceiling on imported rice to address what the government described as unjustified price increases and market abuse.
Under Executive Order (EO) No. 118, imported rice with five percent broken content will be subject to a maximum retail price of P50 per kilogram for a period of 30 days.
The order cited the recommendation of the National Price Coordinating Council (NPCC), which pushed for immediate intervention to ensure the availability of affordable rice while maintaining market stability.
The EO said the temporary price ceiling was being imposed under Republic Act (RA) No. 7581 or the Price Act, which allows the President to set price ceilings on basic necessities and prime commodities under certain conditions, including unreasonable price increases and market manipulation.
The order also cited RA No. 12022 or the Anti-Agricultural Economic Sabotage Act of 2024, which penalizes hoarding, profiteering, cartelization, and other forms of market manipulation involving agricultural commodities.
Middle East conflict cited
The EO also referenced EO No. 110, which declared a state of national energy emergency due to the ongoing Middle East conflict.
According to the order, the government needed urgent measures to protect consumers from profiteering and ensure the adequate supply, reasonable pricing, and accessibility of rice for Filipinos.
Agencies ordered to enforce price cap
The Department of Trade and Industry (DTI) and the Department of Agriculture (DA) were directed to strictly enforce the price ceiling and monitor abnormal price movements.
The Bureau of Customs was also ordered to conduct inspections and enforcement operations against hoarding, smuggling, and illegal importation of rice, including the confiscation or seizure of smuggled rice when warranted.
Meanwhile, the Philippine Competition Commission, in coordination with the DTI and DA, was tasked to take action against cartelization, abuse of dominance, and other anti-competitive practices.
The Philippine National Police and other law enforcement agencies were likewise directed to provide support to ensure the immediate and effective enforcement of the order.
The order takes effect immediately upon publication in the Official Gazette or a newspaper of general circulation.
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Source : Manila Bulletin
