P50 price cap on imported rice backed
MANILA, Philippines — A 30-day price ceiling of P50 per kilo for imported rice has been endorsed to President Marcos by the National Price Coordinating Council (NPCC).
Adopting the Department of Agriculture (DA)’s proposal, the NPCC said a price cap will “ensure affordable rice while maintaining market stability.”
Setting a price ceiling for five-percent broken imported rice would prevent unreasonable price hikes and market abuse, the NPCC said.
Food prices could rise as Middle East tensions affect logistics and input costs, Agriculture Secretary Francisco Tiu Laurel Jr. said earlier.
The proposed price cap is aligned with Executive Order 110, or the declaration of a national energy emergency.
The DA is tasked with monitoring and ensuring a sufficient supply of agricultural inputs and food products at the lowest possible cost.
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