President Ferdinand Marcos Jr. said on Monday that he would certify amending the Rice Tariffication Law (RTL) as urgent to control rice prices in the country.

In a media interview after attending the 2024 Government-Owned and Controlled Corporation (GOCC) Day, Marcos said the amendments as proposed by Congress, aim to empower the National Food Authority (NFA) to sell affordable rice directly in markets.

Marcos highlighted the fierce competition among traders, which has contributed to the relentless increase in prices.

"The problem is that traders are competing. They raise prices when buying palay, and we have no control over that," Marcos said in Filipino.

Marcos made the remarks on the back of the calls for revisions to Republic Act No. 11203, which critics argue did not succeed in lowering rice prices and led to a rise in the availability of less expensive imported varieties in the market.

The Chief Executive acknowledged the importance of these amendments in influencing the pricing of palay and ensuring fair pricing for consumers.

"Yes. It is something that has come up. If there are amendments to the NFA charter and the Rice Tariffication Law, we can control and influence the pricing of palay and the selling of rice," Marcos said.

Asked if he would certify it as urgent, the Chief Executive said: "Yes, I think it justifies an urgent certification."

Enacted by former president Rodrigo Duterte in 2019, the RTL abolished limits on rice imports and implemented tariffs to safeguard domestic rice growers.

The RTL created the Rice Competitiveness Enhancement Fund (RCEF), aimed at boosting rice yields and providing assistance to farmers.

Additionally, it tasked the NFA with maintaining a buffer supply exclusively sourced from local producers.

As of 30 April, the House of Representatives Committee on Agriculture and Food commenced its assessment of the RTL's impact on the nation's agricultural industry.