Metro Manila (CNN Philippines, September 11) — The economic team was not consulted when President Ferdinand Marcos Jr. ordered a price ceiling on rice, Finance Secretary Benjamin Diokno bared.
He said economic managers, including the secretaries from the Department of Budget and Management and the National Economic and Development Authority (NEDA), were on a foreign trip when Malacañang announced the decision.
“Nasa Japan kami talaga when that was announced. Magkatabi kami ni [NEDA Sec. Arsenio M. Balisacan]. Nagulat nga kami, lumabas. Nagulat siyempre,” he said in an interview with members of the press over the weekend.
[Translation: We were in Japan when that was announced. We are next to each other. We were surprised that it was issued.]
On Aug. 31, Marcos signed an executive order mandating a nationwide price control on rice following the monitoring of a price surge.
The order, which began taking effect on Sept. 5, states that regular milled rice may only be sold for up to ₱41 per kilo, while the price ceiling on well-milled rice is at ₱45 per kilo.
Diokno said the president knew that the market condition was not ideal to put a price cap, but the rampant hoarding and manipulation of prices forced Marcos to issue such an order.
“Justification is meron mga market player who are misbehaving. Under ideal condition hindi dapat nagpa-price control. Siguro the conditions are not ideal. Nangyari ‘yan ‘di ba, tataas sibuyas, garlic, ngayon kamatis naman. So baka kailangan talaga ang ganong measure,” he added.
[Translation: Justification is that there are market players who are misbehaving. Under ideal conditions, there should be no price control. Maybe the conditions are not ideal. That happened, in onions, garlic, and now tomatoes. So maybe that measure is really necessary.]
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In a separate statement on Monday, Diokno expressed support for Marcos’ decision.
“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,” he said.
Diokno, however, noted that price control should not last for “an extended period.”
The official is likewise pushing for the exemption of trucks delivering agricultural produce from toll hikes.
“We are advocating cooperation with tollway concessionaires and operators to temporarily exempt trucks catering to agricultural goods from increased toll fees, ensuring the efficient transportation of rice,” Diokno said.
