Marcos studying extension of P50/kilo price cap on imported rice

MANILA, Philippines – Extending the government’s P50 per kilo price cap on imported rice at least for another month is still being studied by President Ferdinand R. Marcos Jr., with the approaching harvest season among the factors being considered, according to Malacañang.

Palace press officer Claire Castro said on Wednesday that the Department of Agriculture (DA) informed Malacañang that the National Price Coordinating Council had already submitted its recommendation to the President to extend the price ceiling, which supposedly lapsed last month.

The recommendation remains under review by the President for approval as the administration weighs the expected wet season harvest by September.

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Castro, however, said Marcos’ decision may be out within the day, before he departs for his official visit to Canada this evening.

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READ: Gov’t imposes 30-day cap of P50/kilo for imported rice

On May 13, President Marcos issued Executive Order No. 118, setting a price ceiling of P50 per kilogram on 5-percent broken imported rice nationwide for 30 days.

The order aims to curtail “unreasonable price increases” in the Filipino household staple and prevent market abuse amid the adverse impact of the Middle East conflict on prices of essential goods.

Asked whether the administration was considering other interventions to help stabilize food prices amid expectations of higher inflation in the second half of the year, Castro cited government efforts to support agricultural production and reduce farmers’ costs.

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She said Marcos ordered the DA to ensure adequate fertilizer supply despite rising prices linked to the global oil crisis.

“The directive is that there should be no shortage of fertilizers for our farmers,” Castro said, recalling the President’s instructions during his visit to Russia.

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READ: PH rice imports seen rising on strong demand

The government, said Castro, is currently distributing fertilizers to farmers during the planting season, which could help lower production costs and eventually reduce the cost of palay at harvest.

She also said the government would continue building post-harvest facilities and cold storage facilities to reduce food losses and improve supply management.

The country has been increasing rice imports this year to help supplement domestic production, which is expected to decline amid higher input costs and the threat of a severe El Niño.

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Data from the Bureau of Plant Industry showed that the country’s rice imports from January to May reached 2.31 million metric tons (MT), up 20 percent from the 1.93 million MT recorded in the same period last year. /gsg