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

House Speaker Martin Romualdez has hailed President Marcos' decision to certify as urgent the bill amending the Rice Tariffication Law (RTL), which he has said would lead to a significant drop in the prices of rice. 

"The certification of this bill as urgent by President Marcos is a critical step forward in our concerted efforts to improve the livelihood of our local farmers and ensure food security for all Filipinos," Romualdez said in a statement Monday afternoon, May 6. 

"This amendment will allow us to address the challenges and limitations of the current law, ensuring that it serves the best interest of the agricultural sector and the consumers," added the leader of the 300-plus strong House of Representatives.  

In a media interview at the Philippine International Convention Center in Pasay City Monday morning, President Marcos, Jr. said he would certify as urgent the proposed amendments to Republic Act (RA) No. 11203 or the RTL. 

Romualdez and several other House members have proposed amending the RTL to restore the National Food Authority’s (NFA) role to sell rice directly to public markets. Under the current law, the NFA’s mandate is limited to ensuring buffer stocks for disasters. 

"By adjusting the framework for rice importation and enhancing the role of the [NFA] in the market, we can better protect our rice prices from the volatility caused by international markets and the predatory practices of some traders,” Romualdez explained. 

“This will lead to more stable and predictable pricing for consumers while ensuring farmers receive a fair price for their produce," he added. 

Romualdez earlier said that their aim was to reduce the prevaling retail price of rice in the market by P10 to P15 per kilo. 

The proposed amendments to the 2019 law also aim to enhance the competitive edge of Filipino rice farmers by providing them with more robust support and protection. 

Moreover, the changes are designed to stabilize rice prices by reducing the influence of unregulated rice importation and curbing the ability of middlemen to inflate prices excessively. 

The House Committee on Agriculture and Food began last week its deliberation on the proposed amendments to the RTL.