President Ferdinand 'Bongbong' Marcos Jr. on Thursday said the public can expect that rice prices will stabilize as harvest in big palay-producing areas has begun.
In a video statement posted by the Presidential Communications Office (PCO), Marcos said they are closely monitoring the supply and the rising prices of rice in the local markets.
"[M]ayroon naman tayong balita na nagsimula na ang pag-aani sa Nueva Ecija, sa Isabela, at saka sa North Cotabato. Kaya’t ito’y magdadagdag sa supply natin," the President, who also is the current Agriculture Secretary, said.
Marcos likewise mentioned that they are monitoring the importation of other inputs and the farmgate prices which he regarded as the causes of the hike in rice prices.
"So I think na pagka yung supply natin ay dumami at humaba ang atin reserve, eh mag stabilize na ang ating mga presyo," he said.
The President vowed that they will tightly oversee everything to ensure that stabilization will happen.
Earlier this week, Marcos instructed the agriculture and trade, and industry departments to closely monitor the prices of rice in the local markets.
He first assured that the Philippines will have adequate rice until the peak of the El Niño phenomenon next year.
The latest price monitoring of the agriculture department showed that prices of local commercial rice fall in the range of P40 to P62 per kilo.
Meanwhile, prices of imported commercial rice ranges from P47 to 65 per kilo.
