Marcos on rice price cap implementation: It’s going as well as we can expect

President Ferdinand "Bongbong" Marcos Jr. said Tuesday that the implementation of the rice price cap has been "going as well as we can expect."

In an interview with reporters in Quezon City, Marcos said he had a meeting with concerned officials on the implementation of Executive Order No. 39, which puts a price ceiling on rice to curb its soaring prices.

"We just had a meeting about that this morning, so far the implementation and enforcement is going as well as we can expect. Siyempre nag-aalangan din 'yung ibang retailer at hindi natin puwedeng sisihin dahil nga hindi sila nakakatiyak nga doon sa ating ibibigay na kapalit," Marcos said.

(Some retailers have apprehension and we cannot blame them because they are not certain with the aid that we are giving.)

He said that over the weekend, the government started the distribution of cash grants for the rice retailers who are affected by the price ceiling.

Marcos' EO 39 mandates a price cap of P41 per kilogram for regular-milled rice, and P45 per kilogram for well-milled rice which became effective last September 5, 2023.

"Last Saturday, nagsimula na sila magbigay ng tulong sa ating mga retailer at nagkaroon naman ng effect na 'yung iba na ayaw magtinda ng kanilang bigas ay dahan-dahan lumalabas na dahil nakakasiguro sila na kahit papaano, mayroon silang matatanggap para kapalit doon sa kung malulugi sila dahil sa pagbili nila ng mataas na presyo at saka sa pagbili nila sa ilalim ng price cap na ginawa natin," he explained.

(Last Saturday, they started giving aid to our retailers and it has an effect because those who no longer want to sell rice have decided to sell again because they have been assured that they will receive assistance in exchange for their possible losses amid the price cap.)

Asked how long the price ceiling would be imposed, Marcos said the government would still look at how things will run. He said before that the price cap was just temporary.

Earlier, Department of Social Welfare and Development Secretary Rex Gatchalian said the President wants to finish the distribution of cash grants immediately.

Gatchalian said the government is aiming to finish the distribution of the P15,000 cash grants to rice retailers by September 14.

Fnance Secretary Benjamin Diokno has admitted that the administration’s economic team was not consulted on the implementation of price ceilings on certain rice varieties commonly purchased by households.

Still, Diokno said they support Marcos' decision, saying that it was called for due to rampant hoarding and price manipulation of unscrupulous traders. — RSJ, GMA Integrated News