President Ferdinand Marcos Jr. has approved a recommendation to set maximum prices for rice across the country due to the rising retail prices.
The maximum price for regular milled rice is set at ₱41.00 per kilogram, while well-milled rice is capped at ₱45.00 per kilogram.
As of August 28, local prices for regular milled rice ranged from ₱42.00 to ₱55.00 per kilogram, and well-milled rice ranged from ₱48.00 to ₱56.00 per kilogram in the National Capital Region.
The increase in rice prices is due to factors like high demand and limited supply caused by other countries stockpiling rice in preparation for El Niño and other international events.
President Marcos has instructed the Department of Trade and Industry and the Department of Agriculture to ensure strict enforcement of the price caps, monitor unusual price movements, and provide assistance to affected retailers with the help of the Department of Interior and Local Government (DILG).
To promote fair competition and protect consumers, the President has directed the Philippine Competition Commission, in coordination with the Department of Agriculture and the Department of Trade and Industry, to take action against cartels and those abusing their market power.
The Department of Agriculture projects a total rice supply of 10.15 million metric tons for the second half of the year, which is more than enough to meet the current demand of 7.76 million metric tons and leave an ending stock that can last up to 64 days.
Source: PhilNews24 | September 1, 2023
