Philippines’ MANILA After about a month since it was implemented, President Ferdinand Marcos Jr. announced the immediate repeal of the rice price cap.
Marcos stated that “as of today,” the government is “lifting the price caps on rice, both for the regular-milled rice and the well-milled rice.”
This comes after “positive” indicators purportedly demonstrating the efficacy of the price cap, which was established on September 5 to stop skyrocketing rice prices, were provided to Marcos by the Departments of Agriculture and Trade and Industry on Tuesday.
According to Executive Order No. 39, the price limit for well-milled rice was P45 per kilogram and P41 for regular milled rice.
“We’re taking away the control right now. But we still need to help the lowest sections and rehabilitate the agricultural industry, added Marcos.
Due to the higher overhead costs associated with trading the common staple, rice retailers have fiercely fought the price cap.
The economic managers of Marcos acknowledged that they had been “shocked” by the news, which had been made while they were away from the country.
Sen. Risa Hontiveros even filed a Senate resolution calling for an investigation into the “contradictory” government policies on rice regulation, specifically the imposition of a price cap and the elimination of rice tariffs.
Marcos promised to continue helping farmers during the news conference, even asking his cousin, House Speaker Martin Romualdez, to rally MPs in Metro Manila to help “underprivileged families.”
