On Wednesday, The Department of Trade and Industry (DTI) announced that the price cap on rice may only be in effect for a short period.
This is because they expect the supply of rice to stabilize soon. The price cap, which started on September 5, is considered a temporary measure.
DTI Assistant Secretary Agaton Teodoro Uvero mentioned in an interview that they anticipate the rice supply to stabilize within three weeks.
The decision to implement the price cap came after the Department of Agriculture (DA) and DTI jointly recommended it to address the increasing prices of rice in local markets.
The approved price ceiling is set at P41 per kilo for regular milled rice and P45 per kilo for well-milled rice, as stated in Executive Order No. 39 signed by Executive Secretary Lucas Bersamin.
Source: PhilNews24 | September 6, 2023
