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Manila Bulletin devider Business devider Gov't to assess need for lifting rice price caps

Gov't to assess need for lifting rice price caps

Published Oct 2, 2023 04:15 am

At A Glance

  • The Marcos administration is assessing the implementation of rice price ceilings and considering lifting them during the harvest season.<br>Finance Secretary Benjamin Diokno said the trigger indicators such as the harvest season and import availability will influence the decision.<br>The Marcos administration cannot provide a specific date for lifting the price ceilings, as the decision will be based on the most recent information available.<br>National Economic and Development Authority (NEDA) Secretary Balisacan expects the price caps to be lifted soon, potentially this month during the peak of the harvest season.<br>President Marcos rejected the proposal to temporarily reduce rice tariffs, citing projected decreases in world rice prices.<br> Lowering tariffs is typically done when prices are rising, not when they are projected to decline.

EMBARGOED UNTIL MONDAY, OCT. 2 12:00AM

The Department of Finance (DOF) said the Marcos administration will review the enforcement of rice price ceilings this week, taking into account the start of the harvest season to determine if the price controls should be lifted.

Finance Secretary Benjamin E. Diokno said the government will assess specific trigger indicators to determine the optimal timing for lifting the mandatory price ceilings on rice, which have been in effect since Sept. 5.

“Next week [Oct. 3], there will be a meeting to assess when to lift the rice price cap,” Diokno told reporters during the Chat with SBED briefing last Friday, Sept. 29.

Diokno said their decision will be based on the "most recent information" they have during the Oct. 3 meeting.

"There are triggers, such as whether it is already the harvest season and if imports are incoming; those are the triggers. So, the president will decide based on our meeting next week when to lift," Diokno said.

Last week, National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said the decision to lift the price ceiling on commonly purchased rice varieties would be made "very soon."

Balisacan explained that price caps cannot be maintained indefinitely as the negative effects can outweigh the positive ones.

Under Executive Order 39, the price limit for regular milled rice was set at P41 per kilo, while well-milled rice had a cap of P45 per kilo.

Balisacan indicated that the price control measure might be lifted this month.

“October will be the peak of the harvest so we will be able to address the issue, remove the price cap,” he said.

Earlier, President Marcos rejected the proposal to temporarily reduce rice tariffs as a means to address the rising rice prices in the local market, stating that it was not the appropriate time to lower tariff rates due to the projected decrease in world rice prices.

The President made these comments following a sectoral meeting in Malacañang, where NEDA presented updates on the proposed rice tariff reduction, incorporating inputs from the DOF, Department of Trade and Industry, and the Department of Budget and Management.

Related Tags

Department of Finance (DOF) rice price cap Finance Secretary Benjamin E. Diokno
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