MANILA, Philippines — President Ferdinand Marcos Jr. has issued Executive Order (EO) 118 imposing a P50 price cap on every kilo of imported rice.
Under EO 118 signed on May 13, the mandated price ceiling shall be implemented for 30 days nationwide, 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.
