The Department of Social Welfare and Development is set to give out financial aid to local grain retailers who may incur losses due to President Ferdinand Marcos Jnr's order for a price cap on rice.

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DSWD Secretary Rex Gatchalian said the trade and agriculture departments will be speaking to rice retailers associations to create a list of small traders affected by the price cap.

He said the financial aid will be capped at P15,000 per retailer.

"Hopefuly by next week we will issue livelihood grants," he said in a TeleRadyo Serbisyo interview.

He added the financial aid is coursed through the DSWD Sustainable Livelihood Program.

President Ferdinand Marcos Jr. earlier approved the recommendation to impose mandated price ceilings on rice in the entire country following an alarming increase in its retail prices in the market.

• Marcos Jr sets P41, P45 price ceilings on rice nationwide

Under Executive Order No. 39 signed by Executive Secretary Lucas Bersamin on August 31, the mandated price ceiling for regular milled rice is P41 per kilo while the mandated price cap for well-milled rice is P45 per kilo.

The order takes effect today, September 5.

Based on the Department of Agriculture's monitoring as of Friday, prices of imported commercial rice ranged from P43 to P65 per kilo, while local rice retailed at P42 to P65 per kilo in Metro Manila.

• Price cap on rice only 'temporary', NEDA says after stakeholders air concern