Fixing the Ceiling on the Retail Price of Milled Rice ( Letter of Instructions No. 157 )

January 18, 1974

LETTER OF INSTRUCTIONS NO. 157

WHEREAS, local prices of rice, palay and corn have risen dramatically in the last few weeks despite the abundant December and January harvests; cdt

WHEREAS, the present energy crisis has resulted in a general increase in the prices of commodities worldwide, thereby influencing the prices of rice and corn;

WHEREAS, the results of the Government's concerted effort in rice production have not yet been fully felt and are still in the process of flowing into the markets;

WHEREAS, there is need for the Government to continue stabilizing the supply and prices of rice and other vital commodities;

WHEREAS, there is need to prevent widespread speculation and hoarding from disturbing the free flow of rice and other such commodities from producers to final consumers;

NOW, THEREFORE, in order to protect the public interest, I hereby direct, pending further orders:

1. That a ceiling on the retail price of milled rice be set at P1.90 per kg. for the island of Luzon.

2. That the support price of palay Ex-farm be set at P0.80 per kg. clean and dry.

3. That paragraph No. 2 of LOI No. 79 requiring that 20% of rice and corn stocks in warehouses be reserved for NGA, among others, is hereby nullified and will have no further force nor effect.

DONE in the City of Manila, this 18th day of January, in the year of Our Lord, Nineteen Hundred and Seventy-Four.