Marcos: Rice price cap stabilized market prices

President Ferdinand Marcos Jr. said the month-long rice price cap had been effective.

In a video released on Saturday, Marcos said the price cap had helped stabilize market prices.

''Nakikita naman natin sa resulta, pag-stabilize ng presyo dahil sa price cap,'' he said.

(We saw from the results that the prices stabilized due to the price cap.)

According to the Department of Agriculture, as of October 5, markets in Metro Manila were selling regular milled rice at P40 to P44 per kilogram and well-milled rice at P44 to P48 per kilogram.

Marcos promised that the government's support for farmers would continue even after the price ceiling was lifted.

“Lalakihan natin ang galing sa Rice Tariffication Law at ibibigay natin sa ating mga farmer sa pamamagitan ng mga equipment, mga tractor, mga harvest, mga dryer. Ito ay para mas maging mababa ang cost of production,” the President said.

(We will increase the allotment from the Rice Tarrification Law and give it to our farmers in the form of equipment, tractors, harvest [machines], and dryers. This is to further bring down the cost of production.)

On August 31, Marcos issued Executive Order 39, mandating a price cap of P41 per kilogram for regular milled rice and P45 per kilogram for well-milled rice.

The price cap was implemented from September 5 until October 4, when Marcos lifted the measure.

Affected retailers were given cash assistance worth P15,000 as a result of the price cap.

The measure stemmed from the surge in retail prices of rice in local markets, which Marcos blamed on smugglers and hoarders of agricultural products.

Marcos recently announced that smuggling charges were filed against the San Pedro Warehouse and Blue Sakura Agri Grain Corporation, the F.S. Ostia Rice Mill and Gold Rice Mill. —VBL/KG, GMA Integrated News