President Ferdinand "Bongbong" Marcos Jr. is optimistic that the price of rice will stabilize as harvest starts in major palay-producing regions.

Marcos said this in a video message uploaded to the social media channels of the Presidential Communications Office (PCO) on Friday morning, Aug. 18.

In his message, the President assured the public that the government is closely monitoring the supply and price of rice in the Philippines.

"Binabantayan namin nang mabuti ang pag-supply ng ating bigas at pagbantay sa tumataas na presyo ng bigas (We're closely watching the supply of rice and if its price is increasing)," he said.

"Mayroon naman tayong balita na nagsimula na ang pag-aani sa Nueva Ecija, sa Isabela, at saka sa North Cotabato. Ito’y magdadagdag sa supply natin (We received word that harves already started in Nueva Ecija, Isabela, and North Cotabato. This will add to our supply)," he added.

Marcos, who leads the Department of Agriculture, said they were monitoring the farmgate price, but added that he is confident that the price of rice will stabilize once there is an abundant supply and enough reserve of the food staple.

"Babantayan namin nang mabuti para tiyakin na ganon ang mangyari (We will monitor that closely to ensure that that will happen)," he said.

Last week, President Marcos assured the public that the country has enough rice stock to last even after the looming dry spell next year.

“The rice situation is manageable and stable. There is enough rice for the Philippines up to and after the El Niño next year,” he said.

According to Agriculture Undersecretary for Rice Industry Development Leo Sebastian, the harvest in the provinces of Isabela, Nueva Ecija, and North Cotabato, produced an estimated 900,000 metric tons (MT).

He added that the palay harvest will peak in late September to October, contributing largely to the country's second semester (July to December) production, estimated at more than 11 million metric tons (MMT).