THE decision to lift the price ceiling on the retail prices of rice varieties commonly purchased by households will come out “very soon,” according to the National Economic and Development Authority (NEDA).
Secretary Arsenio Balisacan on Thursday, Sept. 29, said the government is looking at the indicators that President Ferdinand “Bongbong” Marcos Jr. would need to see to help inform his decision.
Asked when the price caps — which have been in effect since Sept. 5 — will be lifted, the NEDA chief said, “[V]ery soon because as we all know it, you can’t keep price cap for so long because the negative effects can far outweigh the positive effects.”
Under Executive Order No. 39, the price cap imposed on regular milled rice was at P41 per kilo while for the well-milled variety, the price ceiling was set at P45 per kilo.
Balisacan said the price control measure could be lifted next month as the harvest season is seen to peak sometime in October.
“October will be the peak of the harvest so we will be able to address the issue, remove the price cap,” he said.
For his part, Trade secretary Alfredo Pascual said the government is still conducting further study and monitoring the movement of the global prices of the crop staple.
“Further study is being conducted as it would be difficult to make an action suddenly. We are monitoring the movement of the world price of rice,” Pascual said.
Balisacan said the economic team will be advising the President “and provide him with all the information that is needed to help inform that decision and I think that will come soon.” (GMA Integrated News)
