President Ferdinand “Bongbong” Marcos Jr. has imposed price ceilings for rice nationwide to “ensure reasonably priced and conveniently accessible staple food to Filipinos amid the alarming increase in its retail prices in the market.”
Under Executive Order (EO) No. 39, the mandated price ceilings for regular milled rice and well-milled rice are at P41 per kilogram and P45 per kilogram, respectively.
The price caps, according to the EO, were recommended by the Department of Agriculture (DA) and the Department of Trade of Industry (DTI).
The EO, signed by Executive Secretary Lucas Bersamin on August 31, was approved by Marcos, who concurrently sits as secretary of the agriculture department.
The price caps are set to take effect on Tuesday nex week, Sept. 5, Malacañang said on Friday, Sept. 1.
Marcos directed DTI and DA to ensure the strict implementation of the mandated price ceilings, monitor and investigate abnormal price movements of rice in the market, and provide assistance to affected retailers with the help of the Department of the Interior and Local Government (DILG).
In a report by ABS-CBN News, DTI Trade Secretary Alfredo Pascual said retailers who “violate the retail price caps could face penalties under the Price Act, such as imprisonment of less than a year and a fine of P5,000 but not more than P1 million.”IMT
Photo by Ian Paul Cordero/IMT NEWS
