President Ferdinand "Bongbong" Marcos Jr. (left), House Speaker Martin Romualdez (Speaker’s office)

President Marcos is not giving up on his campaign promise to reduce the retail price of rice to P20 per kilo during his term, according to House Speaker Martin Romualdez.

A tell-tale sign of this is the President’s plan to pour P10 billion into the local agriculture sector for the expansion of the country’s irrigation capacity and subsidization of farm inputs.

Romualdez said Friday, Sept. 22 that the P10 billion will be sourced from the expected excess collection from the Rice Competiveness Enhancement Fund (RCEF). He said such fund infusion to the sector would cut production cost and increase farmers' income.

According to the Speaker, the President’s gesture manifests his firm resolve to boost agricultural production, particularly of rice, to ensure a stable supply of food for every Filipino family at affordable prices.

Romualdez said part of what Marcos wants to achieve is the latter's dream to eventually bring down the price of rice to P20 per kilo.

“Walang masamang mangarap at gumawa lahat ng paraan na ma-achieve natin ito (There's nothing wrong with having this aspiration and doing everything in order for us to achieve it)," added the leader of the 311-strong House of Representatives.

Meanwhile, Romualdez said the House will move to allocate an additional P40 billion worth of funds for irrigation projects under the P5.768-trillion General Appropriations Bill (GAB) or proposed national budget for 2024 in order to support the President’s goal of increasing agricultural production.

The House of Representatives has recently received a formal request from the National Irrigation Administration (NIA) for the restoration of the agency's P91-billion capital outlay reduction under the 2024 GAB.

Romualdez acknowledged the crucial role of irrigation in boosting agricultural productivity,

“Yung mga hinihingi nila ay over P100 billion pero ang naibigay sa kanila ay mga P40 billion (lang) kaya mukhang makaka-realign tayo ng pondo na over P40 plus billion. So idodoble natin 'yung nasa NEP (National Expenditure Program) para at least makakagalaw ang NIA,” Romualdez told reporters in a chance interview Friday.

(They're asking for a total of P100 billion but they were only given P40 billion, so it looks like we'll be able to realign funds worth over P40 billion. So we will double what's in the NEP to at least give NIA some breathing room.)

The NEP, which emanates from Malacañang, is the precursor of the GAB.