PBBM still thinks P20/kilo rice is ‘possible’

Rice prices worth P20 per kilo could still happen under the condition that the agricultural industry and the cost of production stabilize and return to normal, President Ferdinand Marcos Jr. said on Tuesday.

In a media interview with reporters in Zamboanga, Marcos explained that several global issues directly impacted the country's essential goods costs.

He added that several factors, particularly natural calamities, reduced rice yields and forced both the market and the government to adjust accordingly.

"There's always a chance, if we improve our production and make it efficient, we won't be greatly affected by storms, and the assistance we provide to farmers can be put to good use," Marcos said.

"But, when we really lower the cost of production, the price of rice will also decrease. Everything will go down as well. As long as we have a higher yield, we can even out the prices," Marcos added.

Marcos has remained optimistic about fulfilling his campaign pledge to decrease the cost of rice to as little as P20 per kilogram.

He emphasized that achieving this goal relies on optimizing the value chain, which comprises various stages in the production of goods or services, each contributing to the overall value of the final product or service.

During the distribution of rice in Zamboanga City, Marcos mentioned the government is also implementing a price cap on rice to ensure that it is affordable for consumers.

The President said that the government is taking all necessary steps to ensure that Filipinos have enough rice at an affordable price.

"We set a price cap. We told everyone not to – for consumption, I said, don't buy above the price cap because they shouldn't sell beyond the price cap," Marcos said.

"We're always looking at it, not just because we always talk about improving farmers' production," Marcos said.

Marcos Jr. said that he is increasing the purchase price of rice to support farmers and to ensure that there is enough rice to meet the country's needs.

He said that the Philippines is facing a number of challenges, including the upcoming El Niño phenomenon, which could lead to drought and reduced rice production.

"We see that when El Niño arrives, there might be drought, and the harvest won't be good because there isn't enough rain," Marcos Jr. said.

"That's why all the different Asian countries are making sure they have reserves, they have buffer stocks. And that's why they're all competing," he said, adding that the neighboring countries are all buying rice simultaneously.