Bongbong Marcos orders price caps for rice at P41 to P45 per kilo
MANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr. has ordered price caps for rice amid soaring commodity prices.
The price ceiling for regular milled rice is set at P41 per kilogram, while the cap for well-milled rice is P45 per kilogram.
The mandate covers the whole country.
Palace announced on Friday.
“Under EO (Executive Order) 39, the mandated price ceiling for regular milled rice is PhP41 per kilogram while the mandated price cap for well-milled rice is PhP45.00 per kilogram,” said the statement.
Although the Philippines has a stable rice supply, the Palace said commodity prices are rising because of:
– illegal price manipulations like hoarding and industry collusion
– global events outside the country’s control, such as the Russia-Ukraine conflict
– India’s rice export ban
– capricious oil prices in the international market
The price caps are in effect until the President lifts them upon the recommendation of DA and DTI.
Marcos is the concurrent Agriculture Secretary.