PRESIDENT Ferdinand R. Marcos, Jr. set the price ceiling for imported rice at P50 per kilo, citing the need to contain prices during the national energy emergency and deter market manipulation.
Executive Order (EO) No. 118, signed by Executive Secretary Ralph G. Recto on May 13, ordered the cap on the price of 5% broken imported rice for an initial period of 30 days.
“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 Filipinos,” according to the order.
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