Philippines President Ferdinand Marcos Jr., who also doubles as the agriculture minister, has ordered a price cap on rice in the country, effective immediately. The price ceiling for regular milled rice is set at 41 Philippine pesos ($0.72) per kilogram, while well-milled rice is capped at 45 pesos ($0.79) per kilogram.

The price cap was imposed amid an “alarming” increase in the retail price of rice in Philippines. In recent months, the price of rice has risen by as much as 30%, putting a strain on the budgets of many Filipino families.

The price cap is expected to help to stabilize the price of rice and make it more affordable for consumers. However, some experts have warned that the price cap could lead to shortages of rice, as traders may be reluctant to sell at the lower price.

The government has said that it will monitor the implementation of the price cap and take steps to address any shortages that may occur.

In addition to the price cap, the government has also taken other steps to address the rising cost of rice. These include increasing the production of rice, providing subsidies to farmers, and importing rice from other countries.

The government’s efforts to address the rising cost of rice are being closely watched by consumers and businesses. The success of these efforts will have a significant impact on the Philippine economy.

Here are some of the reactions to the price cap:

• The National Rice Farmers Association welcomed the price cap, saying that it would help to protect farmers from exploitation by traders.
• The Federation of Philippine Industries said that the price cap would be a burden on businesses, as they would have to absorb the higher costs of production.
• The Consumers’ Union of the Philippines said that the price cap was a step in the right direction, but that more needed to be done to address the underlying causes of the rising cost of rice.

The price cap is expected to remain in place for at least six months. The government will review the price cap after that time and decide whether to extend it.

The price cap is a temporary measure, but it is a significant step by the government to address the rising cost of rice. The success of the price cap will depend on a number of factors, including the availability of rice, the willingness of traders to sell at the lower price, and the enforcement of the price cap.

Only time will tell whether the price cap will be effective in stabilizing the price of rice and making it more affordable for consumers. However, it is a sign that the government is taking the rising cost of rice seriously and is committed to finding solutions.

The global supply of rice has been declining. This is due to a number of factors, including the war in Ukraine, the drought in India which has seen the government ban rice export, and the El Niño weather pattern. 

Hoarding and speculation by traders have also contributed to the increase in the price of rice in the Philippines. Some traders have been buying up rice in anticipation of further price increases, which has further tightened the supply and driven up prices.

The weak Philippine peso has also made imported rice more expensive. The peso has lost about 10% of its value against the US dollar in the past year, which has made it more expensive for the Philippines to import rice.