The Manila Times
MANILA, Philippines- President Ferdinand Marcos Jr. on Tuesday said he would issue an executive order to impose a P50 price cap on every kilo of imported well-milled rice. The move was based on the recommendation of the National Price Coordinating Council, a government body responsible for coordinating, monitoring, and stabilizing the prices of basic necessities and prime commodities. "When the price of oil goes up, food prices follow. That’s what we don’t want to happen. The National Price Coordinating Council recommended a price cap of P50 per kilo for imported well-milled rice, and we will issue an executive order to implement this as soon as possible," Marcos said following a meeting of the Unified Package for Livelihoods, Industry, Food, and Transport committee. The President said that currently, the price of basic necessities and prime commodities remained at the suggested retail price levels, including rice. He said the government was working to control the prices of 205 commodities in the midst of the current energy emergency. "We continue to engage manufacturers and retailers to hold off price increases until next month," he added.
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