MANILA, Philippines — The National Price Coordinating Council (NPCC) has endorsed to President Ferdinand Marcos Jr. the Department of Agriculture's (DA) proposal for the imposition of a P50-per-kilogram (kg) price ceiling on imported rice for 30 days.
In a statement on Thursday, the NPCC reported that it has adopted the DA's proposal for the imposition price cap on 5 percent broken rice.
"The National Price Coordinating Council (NPCC) adopts the Department of Agriculture’s proposal to recommend to the President the imposition of a price ceiling of ₱50 per kilogram on imported rice (5 percent broken) for thirty (30) days," it said.
The NPCC said the measure sought to curb unreasonable price increases and prevent market abuse.
It noted that the move was anchored on Republic Act 7581 or the Price Act and its mandate to protect consumers by stabilizing the prices of basic necessities and prime commodities.
It added that it is consistent with efforts in response to President Marcos' declaration of a State of National Energy Emergency.
"The NPCC hereby endorses to the President the issuance of the necessary Executive Order to ensure affordable rice for Filipino consumers while maintaining market stability," it said.
