Philippines plans 30-day rice price cap amid rising fuel costs

The Philippine government plans to impose a 30-day price cap of 50 pesos per kilogram on imported rice. The measure comes in response to rising food costs driven by higher global fuel prices and logistical expenses. The proposal was put forward by the National Price Coordinating Council (NPCC) and endorsed by President Ferdinand Marcos Jr., aiming to keep rice more affordable for consumers as retail prices have increased in recent months.

The price ceiling will apply to imported rice with 5% broken grain content, and traders will be prohibited from selling above this limit during the 30-day period. The policy is intended to stabilize the rice market and prevent unreasonable price hikes, particularly given external pressures such as rising freight and fuel costs, worsened by geopolitical tensions including the Iran-related conflict.

Agriculture officials warn that without government intervention, rising rice prices could heavily strain household budgets, especially for low-income Filipinos who rely heavily on imported staples. The measure now awaits final approval from President Marcos, who has previously supported efforts to keep staple food prices in check.

Tags: Philippines, prices, rice, restrictions