Malacañang: Rice prices stabilizing

RICE prices have stabilized following a cap to contain a price surge, Malacañang said Friday.

Citing a statement from the officials of the Department of Agriculture (DA), Presidential Communications Secretary Cheloy Garafil said regular- and well-milled rice were retailing within P41 and P45, respectively, as of October 5.

Agriculture Undersecretary Leocadio Sebastian said the department expects rice prices to drop, particularly in rice-producing areas, «as the new supply from the ongoing harvest comes in.»

Last Wednesday, President Ferdinand Marcos Jr. lifted the price ceiling, saying the government has implemented various measures to ensure ample supply and boost production.

Executive Order 39, which took effect on September 6, capped the per-kilo price of regular-milled rice at P41 and well-milled rice at P45.

Based on DA monitoring, local regular-milled rice was being sold from P40 to P44 a kilo, and local well-milled rice was priced from P44 to P48. Imported well-milled rice was selling from P45 to P48.

Agriculture Assistant Secretary Arnel de Mesa said DA teams and the Bantay Presyo Task Forces in the National Capital Region (NCR) are continuously monitoring the market prices of rice after the President removed the cap.

De Mesa said 46 markets in the region had an overall price compliance rate of 96.85 percent for regular-milled rice and 85.71 percent for well-milled rice.

The Bantay Presyo Task Force in the region also recorded more than 89 percent compliance by well-milled rice retailers and more than 86 percent by regular-milled rice retailers, de Mesa said.

President Marcos has also ordered the DA and the Department of Finance to speed up the distribution of assistance to rice farmers.

In his speech during the distribution of seized smuggled rice to around 1,000 Pantawid Pamilyang Pilipino Program (4Ps) beneficiaries in Roxas City, Capiz, the President ensured that his administration is committed to improving the productivity and income of farmers, especially amid the spike in rice prices.

«This is just the beginning of the government's initiatives to improve the lives of Filipinos,» Marcos said.

«From the strengthening of the country's agriculture and the