PRESIDENT Ferdinand R. Marcos, Jr. set the worth ceiling for imported rice at P50 per kilo, citing the necessity to contain prices through the national energy emergency and deter market manipulation.
Executive Order (EO) No. 118, signed by Executive Secretary Ralph G. Recto on May 13, ordered the cap on the worth of 5% broken imported rice for an initial period of 30 days.
“There’s a necessity for urgent measures to guard consumers by curbing profiteering and other abusive market practices, and to make sure the adequate supply, reasonable pricing, and accessibility of rice for Filipinos,” in accordance with the order.
The EO follows a suggestion from the National Price Coordinating Council, which was tasked with reviewing the cap every 15 days for possible adjustment or discontinuation.
Mr. Marcos also ordered the Philippine Competition Commission and the departments of Trade and Industry and Agriculture, to focus on cartels within the rice industry and forestall the abuse of dominant market positions to make sure fair market competition.
He also directed the Bureau of Customs to run after hoarders, smugglers and illegal imports, granting it the authority to seize and forfeit smuggled stocks.
Mr. Marcos declared a year-long energy emergency in March because the Iran war threatened the fuel supply and food security.
The war stoked inflation in April to a three-year high of seven.2%.
The federal government’s emergency measures have to this point included targeted subsidies and the suspension of the excise taxes on liquefied petroleum gas and kerosene. — Chloe Mari A. Hufana