Price council backs 60 more days of P50 price cap on imported rice

AGRICULTURE Secretary Francisco P. Tiu Laurel, Jr. said the National Price Coordinating Council supported the Department of Agriculture’s recommendation to extend by 60 more days the P50 per kilo price cap on imported 5% broken rice.

Mr. Laurel told reporters that such an extension would be the last one. It is awaiting approval from President Ferdinand R. Marcos, Jr.

He said rice prices have fallen since the price cap took effect, to about P47 to P48 per kilo on average.

Mr. Laurel said the supply void left by the absence of an ongoing harvest could force prices higher if the price cap is not extended.

“If (given) another 60 days, by August or September when the harvest begins, we will be able to stabilize prices and increase our supply in general to control inflation,” Mr. Laurel told reporters. — Marron Joshua F. Mendoza