President Marcos believes that the government has already found the best solution to lower the price of rice in the market amid plans to certify as urgent the proposed amendments to the Rice Tariffication Law (RTL).

In an interview with reporters in Cagayan de Oro City, the President the said the Congress bicameral committee came up with measures to address rice prices. 

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

“The mechanism will be different from that which is proposed but, in the end, and net effect pareho pa rin, makakapag-import ang national government,” he added. 

According to Marcos, the Senate and the House of Representatives found a solution to allow the government to import rice to eventually reduce rice prices.   

“Pagka mataas ang presyo ng bigas, magbibitaw tayo ng bigas, magbebenta tayo ng mababa para sumunod ang merkado (If the price of rice is high, we will sell in a lower price so the market would follow),” he said. 

The President, however, has yet to identify which agency will be allowed to import rice and that it would be up to the bicameral committee. 

“Syempre, nakikipag-ugnayan tayo (We are coordinating with them) and I think we may have found the solution and nakikita natin (we think) that we will be immediately able to bring down the price of rice,” he said. 

Despite this development, Marcos said that he would still certify as urgent the proposed amendments to the RTL.

“Mase-certify talaga ‘yan (That will really be certified [as urgent]),” he said.

Early this month, President said amending the National Food Authority (NFA) charter and the RTL would give the government the ability to have a say when retail prices of rice go up.

"Mako-control natin, meron tayong influence doon sa presyuhan sa pagbili ng palay at sa pagbenta ng bigas (We can control and we'll have an influence in the price of the selling of rice). So that's what we are going to do," he said.

"I think it justifies the urgent certification," he added.

According to the President, the price of rice is increasing because the government has no control over it.

Signed by former president Rodrigo Duterte in 2019, the RTL lifted quantitative restrictions on rice and introduced tariffs to protect local rice producers.

It established the Rice Competitiveness Enhancement Fund (RCEF), which enhances rice productivity and supports farmers. It also mandated the NFA to manage a buffer stock sourced solely from local farmers.

However, critics thought the RTL failed to reduce the cost of rice and increased the number of cheaper imported ones in the market.