PRESIDENT Ferdinand ”Bongbong” Marcos Jr. is confident that rice prices would ease further in the country, noting the current price trend in Southeast Asia.
“Doon sa rice mukha namang sumusunod doon sa projections natin sa rice prices. And it seems to be consistent again with the same experience of other ASEAN countries like Thailand and Vietnam,” Marcos said during a sectoral meeting in Malacañang yesterday, September 24.
“So, I think as the time goes on, that should improve,” he said.
The Presidential Communications Office said that rice was the top inflation driver, contributing 1.3 percentage points to inflation. Inflation further decelerated to 14.7 percent, but prices remained elevated, the PCO added.
Prices of rice in Vietnam and Thailand moderated last month as available data for the month of September has shown a decline in the prices of the staple.
Bringing down the rice price to P20 per kilo was the campaign promise of President Marcos.
He had said the aspiration hinges on fixing the value chain, or the series of stages involved in producing a product or service that is sold to consumers, with each state adding to the value of the product or services.
In a separate press briefing, Agriculture Secretary Francisco Tiu Laurel said the Department of Agriculture has projected the easing of rice prices, noting that the full effects should be felt by January 2025.
“So, we should see a lowering of — because of the lower duties, at saka bumaba rin ng kaunti ang international price ng bigas, so pababa na iyan. But the full effects, para sa akin, P5 to P7 ang range, so, I will put it at P5 na dapat bumaba,” Laurel said.
He added: “Kung P52 kunwari ngayon ang bigas, dapat by January ay nasa P48 na lang iyan. Kung P50 ang bigas ngayon, P45 dapat iyan by January. Iyan ang aking estimates.” (GMA Integrated News)
