President Ferdinand Marcos Jr. said the Senate and the House of Representatives have found the solution to high rice prices in the market on the back of plans to certify as urgent the proposed amendments to the Rice Tariffication Law (RTL).

In a media interview earlier this week, Marcos said he wanted to expedite the review process on the amendments to the RTL, reiterating that he will certify it as urgent.

Marcos acknowledged the ongoing discussions between the House of Representatives and the Senate, indicating a potential resolution that would allow government intervention in rice importation.

“When the price of rice is high, we will release rice and sell it at a low price so the market will follow,” said the President, outlining a strategy to utilize government-imported rice to regulate market prices.

The RTL, enacted in 2019, liberalized rice importation by replacing quantitative restrictions with tariffs.

It created the Rice Competitiveness Enhancement Fund, a program that helps farmers and raises rice yield. Additionally, it requires the National Food Authority to oversee a buffer stock that comes only from nearby farms.

While intended to increase competition and lower consumer prices, the law’s effectiveness had come under scrutiny.