Economic managers back rice price ceiling: Diokno

ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Vendors tend to their stalls selling rice at the Kamuning Market in Quezon City on August 9, 2023. Jonathan Cellona, ABS-CBN News" src="https://sa.kapamilya.com/absnews/abscbnnews/media/2023/business/09/02/20230809-rice-kamuning-market-jc-2.jpg"/><figcaption>Vendors tend to their stalls selling rice at the Kamuning Market in Quezon City on August 9, 2023. <em>Jonathan Cellona, ABS-CBN News</em></figcaption></figure></div><p>MANILA -- Philippine economic managers back President Ferdinand Marcos Jr.&#x27;s order imposing a price cap on regular and well-milled rice, Finance Secretary Benjamin Diokno said Monday.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/09/01/23/marcos-jr-sets-p41-p45-price-ceilings-on-rice-nationwide">Marcos Jr sets P41, P45 price ceilings on rice nationwide</a></li></ul><p>Marcos issued Executive Order No. 39 to set the price ceiling for regular milled rice at P41 per kilo and well-milled rice at P45 per kilo to rein in the soaring cost of the staple grain.</p><p>&quot;We agree with the President that implementing a price cap on rice is the most prudent course of action at the moment to achieve two critical objectives: stabilizing rice prices and extending immediate support to our fellow countrymen,&quot; he said in a statement.</p><p>Diokno said the economic team views EO 39 as an essential stop-gap measure to curb price hikes while emphasizing that other measures must be taken to stabilize rice prices in the long-term.</p><p>The DOF, along with the National Economic and Development Authority, has also proposed the following measures to ensure that rice supply remains sufficient at reduced prices:</p><ul>	<li>-Reduce rice import tariff rates temporarily to zero percent or a maximum of 10 percent to arrest the surge in prices</li>	<li>-Encourage the timely importation of rice by the private sector</li>	<li>-Fully implement the Super Green Lane that authorizes the use of -Electronic Data Interchange that will allow for the advance processing and clearance of the shipments of the country’s topmost qualified importers</li>	<li>-Work with tollway concessionaires/operators for the temporary exemption of trucks that cater to agricultural goods from the increase in toll fees</li>	<li>-The government has also begun distributing subsidies to small rice retailers affected by price controls.</li></ul><p>The government also aims to curb non-competitive behavior in the rice industry by going after hoarders, smugglers and those involved in economic sabotage, Diokno said. </p><p>&quot;We understand and fully support the decision of the President because there really are market players who have been misbehaving,&quot; said Budget Secretary Amenah Pangandaman in a separate statement.</p><p>&quot;Unfortunately, there really are hoarders and speculators. We needed to act fast to effectively address this problem with a tit-for-tat strategy against unscrupulous traders, at least in the near term,” she stressed.</p><p>The government has also started distributing cash assistance to small-scale rice retailers to curb the impact of the rice price cap.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/09/09/23/govt-begins-aid-distribution-to-affected-retailers-amid-price-cap-on-rice">Gov&#x27;t begins aid distribution to affected retailers amid price cap on rice</a></li></ul><p>Diokno earlier revealed he was surprised by the price ceiling EO, along with NEDA Secretary Arsenio Balisacan.</p><p>The two were meeting Japanese ministers when news of the price ceiling came out.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/09/11/23/marcos-believes-price-cap-to-curb-hoarders-diokno">Marcos believes price cap to curb ‘hoarders’, says Diokno</a></li></ul><div><strong>RELATED STORY:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2795415" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

Philippine economic managers back President Ferdinand 'Bongbong' Marcos Jr.'s order imposing price caps on rice. 

Economic managers back rice price ceiling: Diokno | ABS-CBN

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Economic managers back rice price ceiling: Diokno

Economic managers back rice price ceiling: Diokno

ABS-CBN News

Published Sep 11, 2023 01:09 PM PHT

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Updated Sep 11, 2023 02:39 PM PHT

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