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Advocates Philippines
President Marcos Lifts Rice Price Ceilings
Photo credit: PCO
Responding to the current market dynamics, President Ferdinand R. Marcos Jr. has officially lifted Executive Order No. 39, which mandated price ceilings on regular and well-milled rice in the country.
In a statement, Malacanang said that the decision comes in light of the increasing supply of rice stocks and decreasing rice prices in the market.
Executive Secretary Lucas P. Bersamin signed the two-page Executive Order No. 42 lifting price ceilings on rice on October 4, following joint recommendations from the Department of Agriculture (DA) and the Department of Trade and Industry (DTI).
These agencies, previously instrumental in implementing EO 39, recommended its removal due to the ongoing trend of falling rice prices, ample domestic rice supply, and declining global rice prices.
“The DA and DTI have jointly recommended the lifting of the mandated price ceilings in view of the decreasing rice prices in the domestic market, increasing supply of rice stock, and declining global rice prices,” stated EO 42.
Under this new directive, President Marcos has instructed concerned agencies to bolster their existing programs and initiatives aimed at providing support and assistance to farmers, retailers, and consumers. The objective is to ensure the stability of rice prices in the country despite the removal of the price ceilings.
President Marcos, who also serves as the concurrent DA Secretary, expressed his belief that the previous price ceiling on regular and well-milled rice had played a vital role in stabilizing rice prices in the market.
Lawmakers echoed this sentiment, concurring that the price cap on rice was a significant factor contributing to the stability of rice prices, supporting the President’s decision to lift the price ceilings.
In a statement, Malacanang said that the decision comes in light of the increasing supply of rice stocks and decreasing rice prices in the market.
Executive Secretary Lucas P. Bersamin signed the two-page Executive Order No. 42 lifting price ceilings on rice on October 4, following joint recommendations from the Department of Agriculture (DA) and the Department of Trade and Industry (DTI).
These agencies, previously instrumental in implementing EO 39, recommended its removal due to the ongoing trend of falling rice prices, ample domestic rice supply, and declining global rice prices.
“The DA and DTI have jointly recommended the lifting of the mandated price ceilings in view of the decreasing rice prices in the domestic market, increasing supply of rice stock, and declining global rice prices,” stated EO 42.
Under this new directive, President Marcos has instructed concerned agencies to bolster their existing programs and initiatives aimed at providing support and assistance to farmers, retailers, and consumers. The objective is to ensure the stability of rice prices in the country despite the removal of the price ceilings.
President Marcos, who also serves as the concurrent DA Secretary, expressed his belief that the previous price ceiling on regular and well-milled rice had played a vital role in stabilizing rice prices in the market.
Lawmakers echoed this sentiment, concurring that the price cap on rice was a significant factor contributing to the stability of rice prices, supporting the President’s decision to lift the price ceilings.
Oct 11, 2023
