MANILA — President Ferdinand Marcos Jr. announced a P50 per kilo price ceiling on imported rice on Tuesday, aiming to shield consumers from rising food costs driven by higher fuel prices linked to the conflict in the Middle East. The measure will be implemented via an executive order following the recommendation of the National Price Coordinating Council.
Marcos also highlighted an expansion of the P20 per kilo rice program to 627 centers nationwide, up from 600 tons previously, and said over four million farmers and fisherfolk will receive P2,325 each under the Presidential Assistance to Farmers, Fisherfolk, and Families program. About 40,000 farmers will receive fuel subsidies, while fisherfolk are set to receive nearly 100,000 fuel cards and vouchers.
In addition, 21 manufacturers have pledged to maintain current retail prices for essential goods for 30 to 60 days, covering items such as canned sardines, bread, bottled water, instant noodles, and coffee.
To bolster energy security, Marcos noted that the Philippine National Oil Company-Exploration Corp. has ordered 1.04 million barrels of diesel, increasing the country’s fuel stockpile from 45 to 51 days. The Energy Regulatory Commission has suspended the Wholesale Electricity Spot Market to keep electricity rates down, and the newly drilled Camago-3 gas well off Palawan produces up to 60 million cubic feet of gas per day, offering a cheaper alternative to imported LNG.
Palace press officer Claire Castro said the government is focused on maintaining stable prices and will monitor developments closely after the current measures expire on April 16, while acknowledging that global oil price fluctuations may still affect domestic costs.