NPCC backs P50/kg price cap for imported rice

THE National Price Coordinating Council (NPCC) has endorsed to President Ferdinand Marcos Jr. the proposal of the Department of Agriculture (DA) for a P50-per-kilogram (kg) price ceiling on imported rice for 30 days. In a statement on Thursday, the NPCC said it has adopted the DA’s proposal for the imposition of a price cap on 5 percent broken rice. The council said the measure seeks to curb unreasonable price increases and prevent market abuse. The price cap is anchored on Republic Act 7581, or the Price Act, which protects consumers by stabilizing the prices of basic necessities and prime commodities. It said the proposal is consistent with efforts in response to the president’s declaration of a State of National Energy Emergency. Earlier this month, there were reports of imported rice being sold for as high as P60/kg in some parts in the country. Agriculture Secretary Francisco Tiu Laurel Jr. has said the increase was partly due to the war in the Middle East, which has pushed up fuel prices and freight charges. Tiu Laurel said a P60/kg price on imported rice was not reasonable, noting that 5 percent broken imported rice should only retail within a P48 to P50/kg range. The DA continues to expand its P20/kg rice program. It is also selling rice at P45/kg and P48/kg through Food Terminal Inc. and Planters Products Inc. This initiative has started in Metro Manila and will soon be implemented in major cities nationwide.

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