Gov’t sets P50 price cap for imported rice
President Marcos on Tuesday announced a price ceiling of P50 per kilo for imported rice as part of government efforts to cushion the impact of rising fuel costs caused by the conflict in the Middle East.
“When the price of oil goes up, food prices are next. That’s something we don’t want to happen. The National Price Coordinating Council has recommended a price cap of P50 per kilo for imported well-milled rice, and we will issue an executive order to implement this as soon as possible,” Mr. Marcos said in a video message.
At the same time, he discussed other measures being taken by the government to ease the burden of record-high pump prices.
“We have expanded the P20 per kilo rice program to 627 centers nationwide. It has become larger because from the previous 600 tons of P20 rice, it has gone up to 2,000 tons because of higher demand,” the President said.
He added that more than four million farmers and fisherfolk are set to receive P2,325 each starting this month from the Presidential Assistance to Farmers, Fisherfolk, and Families.
At the same time, around 40,000 farmers will receive fuel subsidies while fisherfolk will get almost 100,000 fuel cards and fuel vouchers, Mr. Marcos said.
As for the prices of basic necessities and prime commodities, the President said they remain under current suggested retail price levels, adding: “We are continuing to talk to manufacturers and retailers so that they do not raise prices until next month.”
Trade Secretary Cristina Roque earlier informed Mr. Marcos that 21 manufacturers had pledged to keep the prices of essential goods steady for 30 days (until April 16) to 60 days (May 16). This covers items such as canned sardines, bread, bottled water, instant noodles and coffee.
51-day oil stockpile
To ensure that the country maintains sufficient oil stocks, the President said the Philippine National Oil Company-Exploration Corp. has ordered 1.04 million barrels of diesel.
“There are also 142,000 barrels being delivered this week. The remaining supply will arrive in April,” he said, adding that the country has increased its fuel stockpile from 45 to 51 days.
At the same time, the President said that effective March 26, the Energy Regulatory Commission (ERC) suspended the Wholesale Electricity Spot Market (WESM) to keep power rates down.
“This means that the optimal dispatch of cheaper energy sources, such as renewables, will now be implemented. The government will also have control over pricing in the WESM. The ERC is currently working on this,” he said.
WESM is an avenue where power is traded between producers and distributors to boost their supply.
“And for a long-term solution: the Camago-3 well has been successfully drilled. It produces up to 60 million cubic feet of gas per day. Malampaya gas costs P4.80 per kilowatt hour, while imported LNG is P10.30. That’s a significant difference, and this is our own resource,” Mr. Marcos said.
Long-term solution
He previously said that the well, which is located off Palawan, holds a significant amount of recoverable gas and is expected to extend the life of the Malampaya gas field by about six years.
In a briefing on Tuesday, Palace press officer Claire Castro declined to say if the government would impose any contingency measures after April 16, including a price freeze on basic necessities and prime commodities such as canned goods, milk, coffee, bread, soap and condiments.
“We don’t want to speculate that prices will increase [after April 16]. So for now, let’s focus on there being no price increase, and after a week, we can ask the Department of Trade and Industry [DTI] again for a more detailed program,” Castro said.
While global oil price hikes may be unavoidable due to the closure of the Strait of Hormuz, Castro assured the public that the government remains committed to taking all necessary steps to cushion the impact on consumers.
“There are indeed times when we cannot prevent increases due to the ongoing conflict in the Middle East. But rest assured, all possible actions by government agencies will be taken to ensure that this does not become a heavy burden for our fellow Filipinos,” she said.
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