Aimed to to curb rising costs, prevent market abuse, and ensure an affordable supply for consumers.
On Wednesday, March 13, President Ferdinand Marcos Jr. has issued Executive Order (EO) No. 118 that sets a PHP 50 on every kilogram of imported rice nationwide for a period of 30 days, which was signed by Executive Secretary Ralph Recto by the authority of the President.
Marcos based the directive on the recommendation of the National Price Coordinating Council (NPCC).
This order, the Palace said, seeks to address unjustified price increases, prevent market abuse, and ensure the availability of affordable rice while maintaining market stability.
“There is a need for urgent measures to protect consumers by curbing profiteering and other abusive market practices, and to ensure the adequate supply, reasonable pricing, and accessibility of rice for all Filipinos.”
Throughout the set period, ths NPCC shall conduct a periodic review of the implementation of the price ceiling every 15 days and recommend to the President the continuation, adjustment or lifting thereof based on prevailing market conditions and available data as may be necessary.
The EO also took note that under Republic Act (RA) No. 7581 or the Price Act, the President may set a maximum price on essential goods if recommended by the proper agency or the NPCC.
Specifically, this can happen during emergencies, when there is widespread illegal price manipulation, when events cause sudden, unfair price increases, or when prices of basic goods become too high for consumers.
“To ensure the immediate and effective implementation of the EO, all concerned agencies are directed to undertake coordinated actions within their respective mandates,” the executive order furthered.
The directive also indicated that the Department of Trade and Industry (DTI) and the Department of Agriculture (DA) “shall ensure strict, uniform enforcement of the price ceiling, including monitoring and investigating abnormal price movements.“
The Department of the Interior and Local Government, meanwhile, is directed to provide the necessary support for the implementation.
As for the Bureau of Customs, they will conduct inspections and enforcement operations to combat hoarding, smuggling, and illegal importation of rice, including the confiscation, seizure, or forfeiture of smuggled rice, as warranted.
The Philippine Competition Commission, in coordination with the DTI and the DA, is then told to take “appropriate measures against cartelization, abuse of dominance, and other anti-competitive practices to ensure fair market competition and protect consumer welfare.”
“The Philippine National Police and other law enforcement agencies shall provide the necessary support to ensure the immediate and effective enforcement of the order,” it added.