Price cap stabilized rice prices – PBBM – Presidential Communications Office

The mandated price ceiling for rice has helped stabilize the prices of the staple in the market, President Ferdinand R. Marcos Jr. said on Saturday.

The chief executive emphasized that the stabilization of rice prices in the market was one of the factors that prompted the government to lift the implementation of Executive Order (EO) No. 39, which imposed the PhP41.00 price ceiling on regular milled rice and the PhP45.00 price cap on well-milled rice.

Lawmakers agreed that the imposition of price cap on rice was among the factors that stabilized the price of the staple.

Albay Rep. Joey Salceda pointed out that the reported year-on-year inflation rate of 6.1 percent in September is “due to oil and rice price shocks during the month” but “is expected to dissipate in the October figures” due to the sharp decline in global oil prices during the end of September and the President’s imposition of rice price cap.

Salceda agreed with the observation of his colleagues that the September inflation caused by oil and rice price shocks had already peaked last month and prices are expected to normalize soon as the President’s successive interventions take effect.

With the lifting of the price ceiling, President Marcos stood firm that necessary assistance to affected sectors will continue including efforts to strengthen and enhance the country’s agricultural sector.

Marcos gave his assurance that the government will continue finding ways to significantly reduce the cost of production amid the recent surges of prices of basic commodities.

In a short video message, President Marcos said that the government brought several interventions to the recent price increase of basic goods including the rice distribution to Pantawid Pamilyang Pilipino Program (4Ps) beneficiaries across the country and the efforts to strengthen the agricultural sector in the country.

President Marcos distributed sacks of rice to 4Ps beneficiaries in Tungawan, Zamboanga Sibugay; Brgy. San Roque, Zamboanga City; Brgy. Santiago, General Trias City, Cavite; Iriga City, Camarines Sur; San Andres, Manila; Dapa Municipal Gymnasium, Siargao Island, Surigao del Norte; San Jose, Dinagat Islands; and, Lower Bicutan,