DTI and DA to tap LGU councils to monitor rice prices in markets
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MANILA, Philippines — The Department of Trade and Industry (DTI), with the Department of Agriculture, will collaborate with Local Government Units (LGUs) to start their Local Price Coordinating Councils to ensure that the price ceiling on regular and well-milled rice is implemented.
According to Malacañang, Executive Order No. 39 which mandates a price ceiling of P41 for regular-milled rice, and P45 for well-milled rice, will be effective on Tuesday.
Meanwhile, special and premium rice will have no price ceilings.
“To fortify our monitoring and enforcement mechanisms, the DTI will mobilize its price monitors and engage with Local Government Units to activate their Local Price Coordinating Councils,” DTI secretary Fred Pascual said in a statement on Saturday.
Pascual also said that the DTI will tap the Philippine Competition Commission to battle rice cartels and other figures that manipulate the increasing prices of rice.
Article continues after this advertisement“We recognize the urgency of addressing the escalating rice prices in the market. In parallel, it is imperative to maintain stringent oversight over rice pricing and supply to preclude any potential hoarding and price manipulation by traders and retailers,” Pascual added.
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