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PBBM lifts rice price cap, stresses agricultural sector support

PBBM lifts rice price cap, stresses agricultural sector support

President Bongbong Marcos ended the rice price cap in the Philippines, focusing on aiding the agricultural sector and assisting the needy.

President Ferdinand "Bongbong" Marcos Jr. has officially lifted the rice 'price cap' implementation across the entire Philippines, effective today, October 4, 2023. This decision comes nearly a month after the signing of Executive Order No. 39, mandating the limitation of regular and well-milled rice prices to P41-P45 per kilo.

President Marcos clarified that implementing the price ceiling was a temporary measure by the government to prevent the sudden surge in rice prices in the market. The move was initiated to address the potential repercussions of escalating rice costs on the general populace.

Based on recommendations from the Department of Agriculture and the Department of Trade and Industry under the PBBM administration, indicators for the potential removal of the price ceiling were outlined. These indicators include decreased rice prices in trading centers, increased agricultural produce supply, and a decline in global rice export prices.

"Tinatanggal na natin 'yung mga control. Pero hindi ibig sabihin basta't ganun na lang dahil kailangan pa rin natin ayusin ang agricultural sector, kailangan pa rin natin tulungan and mga pinakamahirap, pinakagutom na para kahit papaano makaahon sila (We are removing the controls, but that does not mean we're leaving it as is because we still need to fix the agricultural sector, we still need to help the poorest, the hungriest, so that they can somehow rise above)," emphasized President Bongbong Marcos.

As the rice price cap is lifted, the government's focus shifts towards sustaining and revitalizing the agricultural sector while extending support to the most vulnerable, aligning with efforts to uplift their livelihoods. Stay tuned for further updates on the evolving strategies and policies under the new administration. —iTacloban

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