Citing the increasing supply of rice stocks and decreasing rice prices in the market, President Ferdinand R. Marcos Jr. has officially ordered the lifting of Executive Order No. 39, which sets the mandated price ceiling on regular and well-milled rice in the country.
In a two-page Executive Order No. 42 signed by Executive Secretary Lucas P. Bersamin on October 4, it stated that the Department of Agriculture (DA) and the Department of Trade and Industry (DTI) have jointly recommended to President Marcos the lifting of EO 39.
The DA and the DTI were the same agencies that recommended to the President to issue EO 39, or the implementation of the mandated PhP41.00 price cap on regular milled rice and the PhP45.00 price ceiling on well-milled rice nationwide, which took effect on September 5.
“The DA and DTI have jointly recommended the lifting of the mandated price ceilings in view of the decreasing rice prices in the domestic market, increasing supply of rice stock, and declining global rice prices,” the EO 42 stated.
Under EO 42, President Marcos directed concerned agencies to “fortify their existing programs and initiatives to provide support and assistance to farmers, retailers and consumers” to ensure stability of rice prices in the country.
Earlier, the chief executive, who is also the concurrent DA Secretary, said the mandated price ceiling on regular and well-milled rice has helped stabilize the prices of the staple food in the market.
Lawmakers agreed with President Marcos, saying that the price cap on rice was among the factors that stabilized the rice prices. | PND
Photo Courtesy by PNA