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Government Finds Solution to Lower Rice Prices

Amidst continuing negotiations regarding revising the Rice Tariffication Law (RTL), President Ferdinand Marcos Jr. declared that the government has found an efficient way to reduce the price of rice.

The President said that the Congress bicameral committee has devised measures to tackle the exorbitant price of rice during a media engagement on Thursday in Cagayan de Oro City.

“I don’t want to preempt the bicameral committee, but I believe we have already found the solution,” Marcos said.

“The mechanism will differ from the proposals, but in the end, the result will be the same—the national government will be able to import rice,” he stated.

According to Marcos, the House of Representatives and the Senate have reached a consensus on a plan that permits the government to import rice, which will eventually result in cheaper rice prices.

“If rice prices are high, we will sell at a lower price so the market will follow,” he stated.

The bicameral committee will decide which agency is in charge of importing rice; the President has not yet indicated which one will handle that task.

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