P50 Rice Price Cap Starts: Imported Bigas Gets 30-Day Ceiling
The DA says it will immediately enforce the 30-day P50-per-kilo ceiling on 5% broken imported rice once the order takes effect.
The Department of Agriculture said it will immediately enforce President Ferdinand Marcos Jr.’s new price ceiling on imported rice once the order takes effect, putting a nationwide 30-day cap on 5% broken imported rice.
According to GMA News, Executive Order 118 sets the ceiling at P50 per kilogram as the government tries to address “unjustified price increases,” prevent market abuse, and keep affordable rice available while food prices remain under pressure.
Agriculture Secretary Francisco Tiu Laurel Jr. said the DA will implement the measure right away to help the public cope with rising food costs. The order takes effect immediately upon publication in the Official Gazette or a newspaper of general circulation.
The DA said it can go after hoarders, profiteers, cartels, and other market manipulators under the Price Act and the Anti-Agricultural Economic Sabotage law. The price cap comes as inflation accelerated to 4.1% in March and 7.2% in April, while food inflation rose to 6.1% in April.
Rice carries heavy weight in household budgets, especially for the poorest 30% of Filipino families, where it accounts for nearly one-fifth of spending. The National Price Coordinating Council is set to review the ceiling within two weeks and may recommend adjusting, extending, or removing it depending on market conditions. Source: GMA News
