(UPDATED, 1:15 p.m., Wednesday) MANILA, Philippines — President Ferdinand “Bongbong” Marcos Jr. lifted the rice price ceiling on Wednesday, October 4, 2023.
In a rice distribution activity in Taguig City, Marcos announced that beginning this Wednesday, the rice price cap will be lifted.
Marcos issued Executive Order No. 39 on Aug. 31, imposing price ceilings on rice in the whole country following the “alarming” increase in its retail prices.
The price ceiling for regular milled rice was at P41 per kilogram while the cap on well-milled rice was at P45 per kg.
Marcos earlier hinted that the government could ease the price cap he imposed on rice once the cost in the market stabilizes.
“As of today, we are lifting the price caps on the rice both for the regular milled rice and for the well-milled rice,” Marcos said in an ambush interview.
This comes after a sectoral meeting with the Department of Agriculture and the Department of Trade and Industry, who had proposed indicators that showed when the Philippines could be ready for the removal of the rice price cap.
Despite this, Marcos said that the work to improve the agricultural sector will still persist.
“Kailangan pa rin natin ayusin and agricultural sector, kailangan pa rin natin tulungan ang mga pinakamahirap, pinakagutom, na para kahit papaano makaahon sila,” said Marcos.
(We still need to fix the agricultural sector. We still need to help the poorest, the hungriest, so that somehow, they can uplift themselves.)
READ MORE:
Rice price cap may be lifted after harvest, Marcos hints