DA Recommends Lifting Rice Price Cap, Says Market is Ready
The Department of Agriculture on Tuesday categorically recommended lifting Executive Order No. 39, which sets the price of regular milled rice at P41 per kilogram and well-milled rice at P45 per kilogram, be revoked.
In a Malacañang Press Briefing, DA-Bureau of Plant Industry Director Glenn Panganiban said that the agency believes that the market is now ready to lift the price cap, as there is an adequate supply of rice and prices have begun to stabilize.
"That's the indication, yes," DA-Bureau of Plant Industry Director Glenn Panganiban said in a Malacañang Press Briefing.
"Based on our assessment, it seems that we are ready. However, it's ultimately the decision of (President Ferdinand Marcos Jr.)," Panganiban added.
The government imposed the price cap on rice in September in response to the rising commodity prices. The government set a price ceiling of P41 per kilo for regular milled rice and P45 per kilo for well-milled rice.
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Panganiban said that the price cap has successfully stabilized prices. Still, it is now time to lift it to allow the market to function more freely.
He added that the price cap is just temporary as DA's main focus is to increase rice production and maintain a stable supply, which will lead to stable prices in the market.
"It was implemented to address the rising prices at that time, which seemed illogical given that we had an adequate supply. Our goal, in line with what the President wants, is to maintain a stable supply of rice, which will lead to stable prices in the market. From the perspective of the DA, we will continue to focus on production, and we believe that the market will adjust itself," Panganiban said.
Panganiban also assured that the Department of Agriculture will continue to monitor to ensure that the price of rice remains affordable in the market.
He added that the government will continue assisting rice retailers affected by the Executive Order. Rice retailers received assistance amounting to P15,000, while sari-sari store owners selling rice received P5,000 each.
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