“Yes, we are, as of today, lifting the price cap on rice, both for the regular-milled rice and for the well-milled rice,” the President said in a media interview in Lower Bicutan, Taguig City, where he led the distribution of free rice to poor families. Based on the DA’s monitoring, local regular-milled rice was being sold from P40 to P44 a kilo as of Wednesday, while local well-milled rice was priced at P44 to P48. Imported well-milled rice was selling from P45 to P48. “As fresh harvests enter the market, we also expect retail prices of rice to go down without the need for price caps,” Montemayor said. But because of these smugglers, hoarders, and price manipulators, the supply is constricted and so the prices increase,” he said.
