Manila, Philippines — President Ferdinand Marcos Jr. has approved the recent recommendation of the National Price Coordinating Council (NPCC) and the Department of Agriculture (DA) to implement a price cap on imported rice at ₱50 per kilogram.
Under an Executive Order issued by the Palace, the nationwide price cap on rice will be implemented for 30 days.
This measure aims to ensure fair market prices, prevent the unreasonable pricing of rice, and stop abuse in the supply chain.
Within one month, the NPCC will conduct a review on the 15th day to assess whether the implementation is effective, which will serve as the basis for the President’s decision on whether to extend it or not.
The Palace also clarified that price caps may be imposed when the country is experiencing emergencies, cases of illegal price manipulation of basic goods, sudden price increases, or when prices become unaffordable for consumers.
The Executive Order also states that strict enforcement and monitoring will be carried out by the Department of Trade and Industry (DTI) and DA.
The Department of the Interior and Local Government (DILG) is expected to provide support in the implementation through stricter enforcement measures by the Philippine National Police (PNP) and other authorities.
Meanwhile, the Bureau of Customs (BOC) will lead inspections of warehouses and other facilities to prevent hoarding, smuggling, illegal importation, and profiteering.
The BOC will also be the agency responsible for confiscating goods from those found violating the policy.