NEWS
Pascual: Rice price cap ‘successful’
Marcos added that the government is working to address the challenges of climate change and food security
Trade Secretary Alfredo Pascual said Monday the implementation of the rice price cap has been successful in making affordable rice available to the masses.
Pascual said the price cap has been in effect for mere days and rice is now available at P41 per kilo for regular milled and P45 per kilo for well-milled rice in all the localities that have been monitored.
He acknowledged that there were some retailers still selling above the price cap, but these were isolated cases.
Pascual said the price cap is not a stand-alone measure and that it is being implemented alongside efforts to address the issues of hoarding, profiteering and smuggling.
He said the Department of Agriculture expects the distribution of two-million metric tons of rice in the market in the coming weeks, which could lead to the lifting of the price cap.
Meanwhile, President Ferdinand Marcos Jr. said the government is working to improve the marketing of agricultural products so that farmers can get a fair price for their crops.
Speaking at the Mariano Marcos State University in Batac, Ilocos Norte, Marcos acknowledged that the country needs to increase its rice production.
He said the government is committed to supporting agricultural research and development, and that it will work with the private sector to bring these technologies to market.
Marcos added that the government is working to address the challenges of climate change and food security.
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