The Department of Agriculture (DA) and the Department of Trade and Industry (DTI) have recommended the lifting of the imposed price ceiling on regular and well-milled rice due to the decreasing rice prices in local markets, according to DA - Bureau of Plant Industry (BPI) Director Gerald Glenn Panganiban.
In a press briefing at the Malacañang on Tuesday, Oct. 3, Panganiban said the DA and DTI recommended the lifting during the sectoral meeting with President and DA Secretary Ferdinand 'Bongbong' Marcos Jr.
He said the rice price cap lifting was recommended as indicators point that prices of rice in the local markets have been decreasing.
"Favorable factors externally has been reported, a drop in the export prices of rice in the global markets have been also reported. That's about it," Pangniban added.
When asked about the exact period of lifting, Pangniban said the decision is up to Marcos. But he noted that the declaration may be any time soon.
"From our parameter naman, mukhang ready na. But of course, it’s all up to the President to decide on it. Ang amin lang, ang focus namin and this is the instruction of the President from day one is to really support our farmers, the local produce," he said.
According to the DA-BPI director, there has been 80 to 90 percent compliance among local rice retailers on the enactment of the price cap.
"Nag-increase yung compliance natin, we have received reports from our regional offices, our Phil. Rice Institute," he said.
The DA-BPI director also said that the public can expect a stable supply of rice as the 1.9 million metric tons (MT) of rice import will arrive by October.
"This will jump our supply of rice to 74 days, an increase from 52 days last September because we are expecting more harvest in October and November," he added.
