QUEZON CITY, (PIA) -- The economic team of President Ferdinand Marcos, Jr. on Tuesday expressed support for the imposition of a price cap on rice.

In a statement by Finance Secretary Benjamin Diokno, he said Executive Order No. 39 serves as a "lifeline" that helps with the need for Filipinos to cope with the high price of rice.

Diokno also asserted that they see the EO as an important "stopgap" measure.

Because of this, they agree with the President on the implementation of the price ceiling on rice, which is the best thing to do right now to stabilize the price and immediately help the people.

The secretary further explained that the imposition of the price cap will prevent price manipulation and hoarding activities by some businessmen that will result in a drop in prices.

Diokno admitted that although the price cap will be effective, it should not be extended and there should be comprehensive measures to ensure the long-term stability of rice prices. (PIA-NCR)