No price cap imposition — DA spox

"We do not have a plan to impose price cap or SRP (suggested retail price) because it might have an ill effect in the future," this was revealed Saturday by Agriculture Assistant Secretary and spokesperson Arnel de Mesa, pointing out that imposing an SRP or price ceiling for rice is not an option for the Department of Agriculture (DA).

De Mesa at the Saturday News Forum in Quezon City said the priority of the Department of Agriculture is rice supply.

"At present, we are not talking about that (SRP). Secretary (Francisco Tiu Laurel Jr.) already announced that. We are focusing right now on our supply," De Mesa said.

And though President Ferdinand "Bongbong" Marcos Jr. issued Executive Order 39 in September 2023, which mandated a price cap of P41 per kilogram for regular-milled rice and P45 per kilogram for well-milled rice, rice inflation still quickened in September 2023 to 17.9 percent and continued its upward trend prompting President Marcos to lift the measure on 4 October.

This year, De Mesa said rice inflation accelerated to 24.4 percent, its fastest in 15 years since it was recorded at 24.6 percent in February 2009.

The Philippine Statistics Authority (PSA) on the other hand said rice inflation would "increase strong" until July, citing a low base effect, particularly the low rice inflation registered from January to July 2023, amid reports that the retail cost of the staple has reached as high as P75 per kilo in the Bicol region.

The DA official echoed the PSA's projection that rice inflation will continue its upward trajectory until July, but will normalize come August.

Despite the double-digit, year-on-year rice inflation, De Mesa said retail prices of rice are actually declining month-on-month.

"Rice prices dropped from P52 [per kilo] last month to the current P50 to P49 [per kilo]," De Mesa explained.

De Mesa also said that the President's campaign promise to bring down the retail price of rice to P20 per kilo remains as the DA's "aspiration and goal."

"Although we are unable to reach the goal at this time, our plans and activities are geared towards reducing the cost to produce and for us to be competitive in the future," he said.

"If our neighboring countries can bring down the cost of production, we will do it, too," De Mesa added.