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Marcos: We’ve found a solution to bring down rice prices

By: Jean Mangaluz - | May 17,2024 - 09:59 AM

Marcos rice

Inquirer photo

MANILA, Philippines — President Ferdinand “Bongbong” R. Marcos Jr. revealed an alternative plan on Thursday to lower rice prices amid calls to amend the Rice Tariffication Law. (RTL).

“Well, I don’t want to preempt the bicameral committee but I think we have found the solution already,” said Marcos in an ambush interview in Cagayan de Oro.

Marcos said that if rice prices are high, the government would release cheap rice into the market to force the prices down.

While Marcos reiterated that he would certify amendments to the RTL as urgent, he has been speaking to both the House of Representatives and the Senate.

READ: Romualdez: Rice tariff law amendments to keep rice affordable, accessible

The RTL limited the National Food Authority’s role in selling rice.

The proposed amendments hope to allow the said agency to sell affordable rice during times of emergency or when prices increase.

READ: Cebu City to provide rice, water supply to farmers affected by El Niño

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TAGS: Bongbong Marcos, inflation, price

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