MANILA CITY, 2 September 2023—A few days before the effectivity of the price ceilings on rice nationwide, the Department of Trade and Industry (DTI) will mobilize its price monitors and will work closely with the Department of Agriculture, other national agencies and the local chief executives to activate their Local Price Coordinating Councils to effectively implement the mandated price caps on rice.Thank you for reading this post, don't forget to subscribe!
The Office of the Executive Secretary said on Friday that Executive Order No. 39 will take effect on Tuesday, September 5, upon its publication in national newspapers.
“We recognize the urgency of addressing the escalating rice prices in the market. In parallel, it is imperative to maintain stringent oversight over rice pricing and supply to preclude any potential hoarding and price manipulation by traders and retailers,” DTI Secretary Fred Pascual said.
“To fortify our monitoring and enforcement mechanisms, the DTI will mobilize its price monitors and engage with Local Government Units (LGUs) to activate their Local Price Coordinating Councils,” he added, emphasizing that the price caps will not apply to special and premium rice.
Pascual also emphasized that they will collaborate with the Philippine Competition Commission to undertake measures against cartels and other entities that manipulate prices to ensure the welfare and protection of rice consumers.
With this, Pascual urged the Filipino people to report immediately to them any instances of overpricing or hoarding through their “One-DTI hotline” at 1-384, or e-mail at ConsumerCare@dti.gov.ph as he emphasized that everyone’s participation is needed to “build a more equitable and prosperous nation.”
The public can also send their complaints about the executive order through the government’s 8888 Citizens’ Complaint Center.
President Ferdinand R. Marcos Jr. approved on August 31 the recommendation of the DA and the DTI for the mandated price ceilings on regular and well-milled rice. Under Executive Order No. 39, the mandated price for regular milled rice is PhP41.00 per kilogram while the price cap for well-milled rice is PhP45.00 per kilogram.
Pascual said that the ceilings were computed based on the average rice prices for the last three months (May, June, and July) following Section 8 of Republic Act No. 7581, or the Price Act, and confirmed by cost analysis. *PND*