AreaPhilippines

Commodity GroupRice

CommodityAll

Date31/08/2023

Policy CategoryConsumption and marketing

Policy InstrumentPrice controls

DescriptionSet a price ceiling of PHP 41 (USD 0.7) per kg for regular milled rice and of PHP 45 (USD 0.8) per kg for well-milled rice, to be applicable until otherwise decided by the president. In addition, it instructed the Department of Trade and Industry and the Department of Agriculture to ensure the strict implementation of price caps, to monitor and investigate abnormal price movements and to aid affected retailers. In order to thwart hoarding and illegal rice importation and to ensure consumer protection and welfare, the Bureau of Customs was also directed to intensify inspections and raids of warehouses and to facilitate confiscation, seizure or forfeiture of smuggled rice, while the Philippines Competition Commission, in coordination with other institutions, was to take measures against cartels and entities abusing a dominant position in the market. The measure became effective on 5 September 2023.

NotesExchange rate as of 16 October 2023.