President Ferdinand “Bongbong” Marcos Jr. has signed Executive Order (EO) No. 118, establishing a mandatory price cap on imported rice to curb “unjustified price increases” and rampant market abuse.
The directive, which takes effect immediately upon publication, sets a maximum retail price of ₱50 per kilogram for imported rice with five percent broken content. This intervention is slated to remain in force for a period of 30 days.
The Palace cited the recommendation of the National Price Coordinating Council (NPCC), emphasizing that the move is essential to protect consumers from profiteering while the government stabilizes the local market. The order invokes Republic Act No. 7581, also known as the Price Act, which empowers the President to regulate the cost of basic necessities during periods of unreasonable price hikes or manipulation.
Furthermore, the EO draws strength from the recently enacted RA No. 12022, or the Anti-Agricultural Economic Sabotage Act of 2024. The administration signaled that this measure is a direct strike against those engaging in hoarding, cartelization, and other illegal practices that threaten food security, especially amidst a broader state of national energy emergency triggered by Middle East conflicts.
To ensure compliance, the President has mobilized a multi-agency task force:
- DTI and DA: Directed to strictly enforce the ceiling and track abnormal price movements.
- Bureau of Customs: Ordered to intensify inspections and seize smuggled or hoarded stocks.
- Philippine Competition Commission: Tasked with dismantling cartels and addressing abuses of market dominance.
- PNP and Law Enforcement: Mandated to provide the necessary boots on the ground for effective implementation.
The administration maintains that these urgent steps are vital to ensuring that rice—a staple for millions of Filipinos—remains both accessible and reasonably priced during global and local economic volatility.