President Ferdinand Marcos Jr. expressed optimism that the early harvest of palay (unhusked rice) would help bring down the prices of rice in the markets.

In a chance media interview, Marcos expressed hope that Filipinos will once again reap the effects of "more improved production" in the agriculture sector.

He also reiterated his decision to order the temporary imposition of the mandated price ceilings on rice because of the sudden spike in the prices of the staple grain.

"We're already harvesting. When that comes in, I think we will see the prices go down. It would be determined by market forces. Maybe if the market itself lowers the price, we could reduce it)," Marcos said on the sidelines of rice distribution to about 2,000 qualified beneficiaries in Iriga City, Camarines Sur on Saturday.

In August, the Department of Agriculture reported an estimated 900,000 metric tons of the palay harvest output.

Marcos said the palay harvest, which is expected to peak in late September to October, will contribute largely to the country's production from July to December.

By this time, the DA estimated that the palay harvest to peak at 11.5 million metric tons.

Data from the Philippine Statistics Authority showed that the national palay output from January to June 2023 rose to 9.02 million MT, 3.4 percent more than the 8.7 million MT production for the same period in 2022 and 2021.

Moreover, Marcos said the government is currently dealing with hoarding of rice supply to manipulate the price of the staple grain.

Amid the hoarders delaying the release of rice, Marcos stressed "There's no need not worry about the supply."

He said the country has sufficient stock of the staple.

"Nandito po kami upang magbigay naman ng tulong sa mga nangangailangan dahil alam po nating nagtaas ang presyo ng bigas (We are here to help those in need because we know that the price of rice has increased)," he added.

Marcos said the rice price was so high prompting the government to impose a price cap.

Under Executive Order 39, which took effect on 5 September, Marcos ordered the implementation of a price ceiling of P41 per kilogram for regular milled rice and P45 per kg for well-milled rice.

Marcos stressed that one of the government's thrusts is to address the gaps and challenges in the agricultural sector, particularly "rice distribution that affects supply and prices."

"Marami naman tayong bigas hindi lang nailalabas nang tama. Kaya't hindi problema ang supply sa atin dito sa Pilipinas (We have lost of rice but it is not being correctly distributed. That's why we have no problem with the rice supply here in the Philippines)," he said.

Marcos said the DA is exhausting all efforts to boost the supply and reduce the cost of rice in the country.

In the meantime, he said the government has to implement measures such as the imposition of a price cap, provision of cash aid to rice retailers, as well as setting new palay buying price range for the National Food Authority to help farmers and secure inventory.