EO authorizing P50 cap on imported rice pending

THE Department of Agriculture (DA) said it is awaiting an executive order (EO) that will impose a P50-per-kilo price cap on imported rice, and hopes it will be issued before the end of the month.

Agriculture Secretary Francisco P. Tiu Laurel, Jr. said President Ferdinand R. Marcos, Jr. has expressed support for the proposed measure.

“I am hopeful that before the end of the month, (the EO) will be issued,” Mr. Laurel told reporters on the sidelines of the Department of Trade and Industry’s (DTI) National Food Fair in Mandaluyong City on Wednesday.

He said the proposal “took time” as it had to go through the National Price Coordinating Council (NPCC) and several consultation rounds.

Mr. Laurel said the DTI is currently working on a final proposal and will transmit it to the Palace by Monday at the latest.

The DA said the proposed price intervention is limited to imported rice for now, citing evidence of profiteering in the import trade.

“For other commodities, it will depend. If there is profiteering, then yes, we will implement a price cap. If there is no profiteering and that is the actual value along the supply chain, we will not impose a price cap,” he said.

The NPCC earlier endorsed the DA’s proposal to set a P50-per-kilo ceiling on imported rice for an initial 30-day period.

Last month, the council said it will recommend the issuance of an executive order to “ensure affordable rice for consumers while maintaining market stability.” — Vonn Andrei E. Villamiel