Marcos says price ceiling on rice only temporary

President Ferdinand "Bongbong" Marcos Jr. said Monday that the mandatory price ceiling on rice would only be temporary.

This as Marcos emphasized that the harvest season in the Philippines is already finished and that the rice imported from other countries will soon arrive.

"Ito po ay pansamantala lamang, hindi ito tatagal. Tayo ay umaani na ng palay, umaani na tayo dito sa Pilipinas. Tapos na ang season at kaya pagdating ng panahon, papasok pa, mayroon tayong mga inimport na bigas, sabay-sabay na papasok 'yan at makikita basta ilalagay namin, dadalhin natin sa palengke, pabayaan ulit natin ang presyo ng bigas, maghanap ng sarili niyang presyo," Marcos said in his speech before leaving for Jakarta, Indonesia.

(This is just temporary, this will not last. We are already harvesting rice in the Philippines. Also, the rice we imported will soon arrive. We will bring these to the market and we will let the rice find its own price.)

Marcos again blamed smugglers and hoarders as the reason behind the surging price of rice in the local market.

"Sa pag-aaral namin, ang dahilan lamang dito ay talagang nandyan ang mga smuggler at saka mga hoarder," the President said.

(Based on our study, the reason are the smugglers and hoarders.)

Last week, Marcos approved the joint recommendation of the Department of Agriculture and the DTI to set price ceilings on rice in the country, according to Executive Order No. 39, signed by Executive Secretary Lucas Bersamin.

The mandated price ceiling for regular milled rice is P41 per kilo while the mandated price cap for well-milled rice is P45 per kilo, according to the EO.

Trade Secretary Alfredo Pascual had said that the price caps were computed based on the average rice prices for the last three months —May, June, July, pursuant to the Section 8 of Republic Act No. 7581 or the Price Act for the setting of price ceiling.

Marcos’ approval of the price ceiling stemmed from the surge in retail prices of rice in local markets. Current prices of rice per kilo range from P45 to P70. — RSJ, GMA Integrated News