MANILA — 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 made the announcement 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.
Recently, agriculture officials cited external factors beyond their control that would make it hard to keep rice prices down in the coming years.
This was the reply House Deputy Minority Leader Mujiv Hataman got from officials of the DA during a hearing on the department’s budget for next yea.
Hataman asked about the probability of Marcos’ campaign vow being realized once the country attains optimal rice self-sufficiency level.
When Agriculture Undersecretary Leocadio Sebastian replied, “Not P20 but at least we can maintain a lower price that is affordable,” Hataman commented: “But affordability is very relative.”
“Lowering the price to P20 would be quite difficult,” Sebastian told the lawmaker who then asked if the DA has a blueprint for achieving the president’s campaign promise.
“That is our goal when it comes to reducing the cost,” Sebastian said. Pressed further, he commented: “I cannot answer that.”
“To be honest, we never discussed those things you are asking with the president,” he admitted. “Reduction is included, but not P20.”
For her part, Agriculture Undersecretary Mercedita Sombilla cited various factors “beyond [their] control” as the reason behind rising rice prices.
According to her, prices in the local and global rice markets are influenced by international prices which have “spiked over time.”
Sombilla also cited last year’s rise in the farm-gate price of palay (unhusked rice) due to higher farm input costs.
Asked if reducing the price of a kilogram of rice to P20 could be achieved by 2028, she replied in the affirmative but qualified her answer by adding, “But the environment is volatile so this makes it difficult.” (Jean Mangaluz, Jordeene B. Lagare, Julie M. Aurelio © Philippine Daily Inquirer)
