PBBM Lifts Rice Price Cap

President Ferdinand R. Marcos, Jr. has announced the lifting of price caps on rice, both for regular milled rice and well-milled rice.

Among the indicators warranting the lifting of the rice price cap were the decreasing rice prices in the domestic market, increasing rice supply, and favorable external factors such as decreasing prices of rice in the global market.

He stated that this move is timely as the administration takes various measures to protect the poor and the most vulnerable.

"I think it's the appropriate time since we are distributing rice. Yes, as of today, we are lifting the price caps on rice, both for regular milled rice and well-milled rice," the President said.

Through Executive Order (EO) 39, which took effect on September 5, the President ordered the implementation of a price ceiling of PHP41 per kilogram on regular milled rice and PHP45 per kilogram on well-milled rice.

"So, we are removing the controls, but that doesn't mean we're leaving it as is because we still need to improve the agricultural sector. We still need to help the poorest and the hungriest so that they can uplift their lives," he added.

The Department of Trade and Industry (DTI), the Department of Agriculture (DA), and other entities discussed with the President during a Palace sectoral meeting on Tuesday the current indicators that warranted the lifting of the price cap on rice.

Among these indicators, they said, were the decreasing rice prices in the domestic market, increasing rice supply, and favorable external factors such as decreasing prices of rice in the global market.

President Marcos promised to continue providing assistance that the government has been extending to farmers and the most underprivileged families.

He stated that while the government cannot control the market, his administration will continue implementing programs to mitigate the impact of food commodity price increases on the poor and vulnerable and to identify the sectors affected by price fluctuations.

Marcos also emphasized the government's support for the agricultural sector and strengthening the country's value chain, particularly in production.

"Under the Rice Tariffication Law, there is a mandate for P10 billion every year for the Rice Competitiveness Enhancement Fund (RCEF), which provides equipment such as tractors, dryers, harvesters, and more to farmers. We have collected more than P10 billion from rice tariffication, which will be used to further aid our farmers," he said.

The excess collection, which exceeds P12 billion this year, will be allocated for the benefit of farmers and fisherfolk, including the purchase of general dryers for farmers and cold storage for fishermen.

To address rising rice prices in Metro Manila, the President announced that he has instructed House Speaker Martin Romualdez to initiate an initiative for the National Capital Region (NCR).

"The House of Representatives is organizing a program for NCR congressmen. There are 33 NCR congressmen. Now, what they will do is that the 33 NCR congressmen will provide assistance by distributing rice to various areas in Metro Manila," he explained.

"So, this is another measure that we are undertaking so that we don't just abandon the price cap once it's removed; this isn't over yet. We are doing many things to ensure that we can maintain prices."

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