Department of Agriculture Secretary Francisco Tiu-Laurel stated that he anticipates rice prices will decrease to P45 per kilo by January of next year, as a result of government initiatives.
Laurel indicated that they expect prices to gradually decline by mid-October, but the full impact of this price drop is anticipated to be felt by January 2025.
"The full effects, para sa akin, PhP5 to PhP7 ang range, so, I will put it at PhP5 na dapat bumaba. Kung PhP52 ngayon ang bigas, dapat by January nasa PhP48 na lang iyan," Tiu-Laurel said.
"Kung PhP50 ang bigas ngayon, PhP45 dapat iyan by January, iyan ang aking estimates," he added.
The forecasted decrease in prices is said to be caused by measures implemented by the government, particularly the lowering of tariff rates aimed at stabilizing the supply of rice.
In addition, he stated that the decline in rice prices in the country is related to both lower duties and decreasing prices in the global market.
