The mandated price ceiling for rice has contributed to the stabilization of prices of staple food in the local markets, President Ferdinand Marcos Jr. said Saturday.

Marcos said the steady prices of rice were one contributing factor to the lifting of Executive Order 39, which imposed the P41.00 price ceiling on regular-milled rice and the P45.00 price cap on well-milled rice.

Albay Representative Joey Salceda said the reported year-on-year inflation rate of 6.1 percent in September was "due to oil and rice price shocks during the month."

But Salceda said it "is expected to dissipate in the October figures" due to the sharp decline in global oil prices at the end of September as well as the President's imposition of the rice price cap.

Some lawmakers have observed that the September inflation caused by oil and rice price shocks had already peaked in the previous month. Hence, prices are expected to normalize soon as the "President's successive interventions take effect."

Marcos meanwhile committed to provide necessary assistance to affected agricultural sectors amid the lifting of the price ceiling.

The President said his government "will continue finding ways to significantly reduce the cost of production" with the continuing price surges of basic commodities.

In his short video message, Marcos enumerated the government's efforts to address the price increase in basic goods in the country.

He cited the rice distribution to the beneficiaries of the Pantawid Pamilyang Pilipino Program and looking after the welfare of the agricultural sector in the country.

Marcos earlier approved the release of P12.7 billion pesos to help small rice farmers sustain their productivity under the Rice Farmers Financial Assistance or RFFA program. He also approved the utilization of P700 million in excess tariff collections for the "Palayamanan Plus" conditional transfer under the Household Crop Diversification Program.

Further, Marcos issued EO 41, which ordered all local government units to suspend the collection of "pass-through" fees and to ensure the efficient movement of goods across regions aligned with the government's strategies to revitalize local industries under the Philippine Development Plan 2023-2028.