DTI Assistant Secretary Agaton Teodoro Uvero explained that the rice price cap, which started on September 5, is temporary.
“Nakikita natin na ‘pag dumating na ang anihan, in few weeks time magsisimula na ang anihan…Marami nang suplay na lokal, bababa na ang presyo ng bigas,” he said.
Authorities anticipate that the rice supply will stabilize within three weeks, according to Uvero. This suggests that the temporary price ceiling on rice may only be in effect for this duration.
“‘Yun talaga ang usapan, hindi talaga tatagal ‘to… Si DTI, NEDA, at iba ‘yun talaga ang consensus, hindi talaga dapat tumagal ‘to… Ang tingin nga nila kung puwede, huwag lalampas ng isang buwan, pero depende po ‘yan sa magiging resulta ng merkado,” he added.
President Ferdinand “Bongbong” marcos jr. approved the joint recommendation of the Department of Agriculture (DA) and DTI to implement price ceilings on rice in response to rising retail prices.
As per Executive Order No. 39, the price ceiling for regular milled rice is set at P41 per kilo, while well-milled rice is capped at P45 per kilo.
Rice price cap only for a month – DTI
Meanwhile, Executive Secretary Lucas Bersamin has pledged that the Philippine government will enhance its monitoring of rice prices, particularly in the wake of accelerating inflation, which has reached 5.3%.
“Ang aming opisina ay magbabantay upang maisakatuparan ang layunin na mapababa ang presyo ng bigas sa ating mga palengke at supermarkets,” Bersamin said.
“Ang datos na ito ay isa sa malaking dahilan sa pagpasya ng ating Pangulo sa pagtatakda ng price ceiling (sa bigas) at ito ay isang pansamantalang patakaran upang tugunan ang inflation,” Bersamin added.
On Tuesday, National Statistician and Philippine Statistics Authority chief Claire Dennis Mapa reported that inflation in August 2023 reached 5.3%, up from 4.7% in July but slower than the 6.3% recorded in August 2022.
The primary factor behind this increase was the faster rise in the prices of food and non-alcoholic beverages.