President Ferdinand Marcos Jr. has ordered a temporary price ceiling of P50 per kilo on five-percent broken imported rice in an effort to curb unjustified price increases and protect consumers from market abuse.
Malacañang on Wednesday released a copy of Executive Order No. 118, which was signed by the President on May 13. The price cap will be enforced for 30 days.
The order was issued upon the recommendation of the National Price Coordinating Council (NPCC), which sought the temporary ceiling to ensure affordable rice supply, prevent profiteering, and maintain market stability.
The EO also cited the state of national energy emergency declared in March following the continuing conflict in the Middle East, which has affected fuel prices and other market conditions.
“In light of the foregoing, there is a need for urgent measures to protect consumers by curbing profiteering and other abusive market practices, and to ensure the adequate supply, reasonable pricing, and accessibility of rice for all Filipinos,” the order stated.
Under EO 118, the NPCC is required to review the implementation of the price ceiling every 15 days and recommend to the President whether it should be continued, adjusted, or lifted based on market conditions and available data.
The Department of Trade and Industry (DTI) and the Department of Agriculture (DA) were directed to strictly and uniformly enforce the price cap, including the monitoring and investigation of abnormal price movements.
The Bureau of Customs was also ordered to conduct inspections and enforcement operations against hoarding, smuggling, and illegal importation of rice. The agency may confiscate, seize, or forfeit smuggled rice when warranted.
The Philippine Competition Commission, in coordination with the DTI and DA, was directed to act against cartelization, abuse of dominance, and other anti-competitive practices to ensure fair competition and protect consumers.
The Department of the Interior and Local Government, the Philippine National Police, and other law enforcement agencies were likewise instructed to provide support for the immediate and effective implementation of the price ceiling.
EO 118 takes effect immediately upon publication in the Official Gazette of the Philippines or in a newspaper of general circulation.