Manila, Philippines — Officials from the Department of Agriculture (DA) have reported an increase in rice production, providing the country with a 52-day supply as of the end of September.
This information was presented by DA Undersecretary Mercedita Sombilla to President Ferdinand R. Marcos Jr. during a sectoral meeting at Malacañang to discuss indicators that would be used to consider the removal of the price ceiling on rice imposed under Executive Order (EO) No. 39.
In their presentation, the DA identified indicators signaling the need to raise the price cap, such as the decrease in rice prices in the domestic market, increased rice supply, favorable external factors like a global decrease in rice prices, among others.
During a Palace press briefing, DA-Bureau of Plant Industry (BPI) Director Gerald Glenn Panganiban stated that all parameters, including abundant supply and decreasing prices both locally and globally, have been met.
Records indicate that rice supply in the market is equivalent to a 52-day supply as of the end of September. By the end of October, with continuous harvesting, the supply is expected to reach 74 days.
Rice prices have also decreased, nearing the price ceiling, with an average price of roughly P41.91 per kilo for regular milled rice and P45.95 for well-milled rice.
Panganiban emphasized the expected increase in local harvest in the last quarter and the remaining part of the year, along with reported favorable factors like the decrease in rice export prices globally. These factors contribute significantly to supply stability and price control.
President Marcos signed EO No. 39 on September 5, setting price limitations for regular and well-milled rice nationwide. Under the EO, the mandated price cap for regular milled rice is P41.00 per kilo, while the mandated price ceiling for well-milled rice is P45.00 per kilo. However, according to Panganiban, it would be better to wait for President Marcos to announce the revocation of the EO.
