Price caps stay until rice down to P38/kilo - DA

Executive Order No. 39 issued by President Marcos imposing a price ceiling of P41 and P45 per kilo will stay until the retail price of rice goes down to P38 per kilo, Department of Agriculture (DA) Senior Undersecretary Domingo Panganiban said yesterday.

- BELLA CARIASO, Ric Sapnu, Helen Flores

"I am for the price cap and the President has agreed to that and it was announced by the President (the price cap will continue)," Panganiban said in a chance interview after the launching of the Young Farmers Challenge Program at the Coconut Palace in Pasay City.

Marcos has said that the price cap would continue to be in effect since it has to be studied carefully.

Panganiban added that the implementation of the price ceiling "could continue until Oct. 15, Oct. 18, 20, 30. It will depend on what will happen." According to Panganiban, the P5 (per kilo) decrease in the retail prices of rice is not enough following the start of the harvest season.

"The President wants more than P5 (per kilo drop in retail prices of rice) but I don't know what the President is thinking about.