Metro Manila (CNN Philippines, October 4) — President Ferdinand Marcos Jr. lifted the implementation of the price cap on rice on Wednesday, but assured that assistance to farmers and the poor will continue.
This comes almost a month after the government imposed the policy to temper the high prices of the commodity, forcing retailers to sell regular milled rice and well-milled rice for ₱41 and ₱45 per kilo, respectively.
The Department of Agriculture (DA) and the Department of Trade and Industry (DTI) recommended to the president the lifting of the price ceiling following improvements in rice supply and prices.
“We are lifting the price cap, but besides that, we are taking other measures para tulungan ang ating mga (to help out) farmers in terms of their equipment and processing,” Marcos said on the sidelines of a rice distribution event in Taguig City.
“We will continue the assistance that we have been giving to farmers, also the assistance that we have been given to those most underprivileged families,” he said.
Excess collections from the Rice Tariffication Law would also be tapped to increase funding for aid, Marcos said.
The chief executive said he directed House Speaker Martin Romualdez to create a program for Metro Manila congressmen to provide rice assistance across the region.
Marcos said the government is focusing on Metro Manila “because that is where the prices are most volatile and are highest.”
During the distribution of rice to select beneficiaries, Marcos reiterated that the country’s buffer stock is stable, as he blamed hoarders and smugglers for the surging rice prices in the local market.
