PH ‘ready’ for lifting of price cap on rice

File photo
File photo

AN OFFICIAL of the Department of Agriculture (DA) said the mandatory price cap for rice in the country can already be lifted considering the favorable indicators in the market.

In a press conference, DA Bureau of Plant Industry Director Glenn Panganiban said they have already submitted to President Ferdinand Marcos Jr., secretary of the DA, the lifting of his order on the mandatory price ceiling for rice, citing the decrease of global prices of rice, as well as the increase in supply brought about by the local harvest.

"'Yun ang indication ano. From our parameter naman, mukhang ready na. But of course, it’s all upon the President to decide on it," he said, noting that the implementation of the price cap is only temporary and in order to arrest the surge in its prices.

Marcos earlier blamed hoarding and smuggling for the surge in the prices of rice, prompting him to issue an order putting the mandatory price of regular-milled rice at P41 per kilogram and P45 per kilogram on well-milled rice.

In their meeting with Marcos, DA Undersecretary Mercedita Sombilla said the country obtained 52 days worth of rice supply at the end of September.

By the end of October, with the harvest in full swing, the supply will be equivalent to 74 days. (SunStar Philippines)


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