Philippine President Marcos approves P50/kilo price cap on imported rice
Philippines approves ₱50/kg price cap on imported rice to curb inflation amid rising fuel costs. Government expands subsidies, boosts fuel reserves, and supports farmers and fisherfolk. Measures aim to stabilise food prices, protect consumers, and manage economic impact of Middle East tensions.
MANILA – President Ferdinand Marcos Jr. on Tuesday announced the approval of the proposed P50 per kilo price cap on imported rice, with an executive order set to follow.
“When the price of oil goes up, food prices follow. That’s what we don’t want to happen. The National Price Coordinating Council recommended a price cap of P50 per kilo for imported well-milled rice, and we will issue an executive order to implement this as soon as possible,” Marcos, speaking Filipino, said in a video statement.
The proposal is part of the government’s measures to cushion the impact of rising fuel costs caused by the conflict in the Middle East.
In his message, Marcos also outlined the government’s current measures to mitigate the impact of the Middle East conflict.
“The P20 rice program is also being expanded. There are 627 centers nationwide. It has become larger because previously we provided 600 tons of P20 [per kilo] rice, and now it has increased to 2,000 tons due to rising demand,” he said in Filipino.
He said more than 4 million farmers and fisherfolk are set to receive P2,325 each starting in April from the Presidential Assistance to Farmers, Fisherfolk, and Families.
Fuel subsidy will also be dispensed to 40,000 farmers, while fisherfolk will be given almost 100,000 fuel cards and fuel vouchers.
As for the price of basic necessities and prime commodities, Marcos said they remain under the current suggested retail price levels.
“We are continuing to talk with manufacturers and retailers so that they do not raise prices until next month,” he said in Filipino.
“PNOC-EC has already ordered 1.04 million barrels of diesel. There are also 142,000 barrels being delivered this week. The remaining supply will arrive in April,” he also said.
The country has increased its fuel stockpile to 51 days from 45 days, the President also highlighted.
“Starting March 26, the ERC [Energy Regulatory Commission] has temporarily suspended the WESM [Wholesale Electricity Spot Market]. This means that the optimal dispatch of cheaper energy sources, such as renewables, will now be implemented. The government will also have control over pricing in the WESM. The ERC is currently working on this,” he said in Filipino.
“And for a long-term solution: the Camago-3 well has been successfully drilled. It produces up to 60 million cubic feet of gas per day. Malampaya gas costs P4.80 per kilowatt-hour, while imported LNG is P10.30. That’s a significant difference, and this is our own resource,” he said.
The free transportation and temporary toll discount also continue for commuters and riders.
Meanwhile, as of March 27, the President said 18,394 overseas Filipino workers from the Middle East were repatriated and received assistance from the government.
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Source : ANN
