PRESIDENT Ferdinand Marcos Jr. has issued Executive Order (EO) 118 imposing a temporary price ceiling on imported rice to address unjustified price increases and market abuse.
Under EO 118, signed on May 13, imported rice with 5 percent broken content will be subject to a maximum retail price of P50 per kilogram for a period of 30 days, unless earlier lifted by the president upon the recommendation of the National Price Coordinating Council (NPCC).
"There is a need for urgent measures to protect consumers by curbing profiteering and other abusive market practices, and to adequate supply, reasonable pricing, and accessibility of rice for all," the president said in his order.
The NPCC earlier recommended the immediate issuance of an EO in order to address unjustified price increases, prevent market abuse, and ensure the availability of affordable rice while maintaining market stability.
EO 118 said the temporary price ceiling was being imposed under Republic Act (RA) 7581 or the Price Act, which allowed the president to set price ceilings on basic necessities and prime commodities under certain conditions, including unreasonable price increases and market manipulation.
The order also cited RA 12022 or the Anti-Agricultural Economic Sabotage Act of 2024, which penalized hoarding, profiteering, cartelization, and other forms of market manipulation involving agricultural commodities.
The EO also cited EO 110, which declared a state of national energy emergency due to the ongoing Middle East conflict.
Meanwhile, the Department of Trade and Industry (DTI) and the Department of Agriculture (DA) were directed to strictly enforce the price ceiling and monitor abnormal price movements.
The Bureau of Customs was also ordered to conduct inspections and enforcement operations against hoarding, smuggling, and illegal importation of rice, including the confiscation or seizure of smuggled rice when warranted.
The Philippine Competition Commission, in coordination with the DTI and DA, was tasked to take action against cartelization, abuse of dominance, and other anti-competitive practices.
The Philippine National Police and other law enforcement agencies were directed to provide support to ensure the immediate and effective enforcement of the order.
EO 118, which was made public on Wednesday, takes effect immediately upon publication in the Official Gazette or a newspaper of general circulation.
