President Ferdinand Marcos Jr. has signed Executive Order No. (EO) 118 imposing a P50-per-kilo price cap on imported rice nationwide for 30 days.
The order aims to stop profiteering, prevent market abuse, and keep rice affordable for consumers.
The EO was signed on May 13 by Executive Secretary Ralph Recto upon the recommendation of the National Price Coordinating Council.
Under the order, the P50 price ceiling will stay for 30 days unless lifted earlier by the President.
The NPCC will review the implementation every 15 days and may recommend extending, adjusting, or lifting the cap depending on market conditions.
The EO cited Republic Act No. 7581 or the Price Act, which allows the President to impose price ceilings on essential goods during emergencies or cases of illegal price manipulation.
The Department of Trade and Industry and Department of Agriculture were ordered to strictly enforce the price cap and monitor rice prices nationwide. The Bureau of Customs was also directed to crack down on rice smuggling, hoarding, and illegal importation.IMT
