Top News

PRESIDENT Marcos is expected to release the new order on the proposed extension of the suspension of rice importation by the first week of November.

The Cabinet-level Tariff and Related Matters Committee of the Economy and Development (ED) Council met last week to discuss its position on the extension of the rice import suspension as well as the proposal to set a farmgate price for palay or unmilled rice.

“They will give their recommendations [on these matters] to the ED Council. Let us see what their recommendation will be,” Palace Press Officer Claire Castro said in a press briefing on Monday.

In August, Marcos issued Executive Order 93 imposing a 60-day suspension on rice imporation upon the recommendation of the DA to help stabilize the domestic price of rice during the harvest season.

The suspension took effect in September and will end on November 2.

The Department of Agriculture (DA) earlier said it is pushing to extend the suspension until the end of the year to keep the price of the local food staple stable.

However, this was before the country was hit by recent typhoons and the southwest monsoon, which has now resulted in P7-billion worth of damages to agriculture, according to DA.

As of Sunday, DA’s price monitoring in select markets in Metro Manila showed that the price of well milled imported commercial rice was at P42 per kilogram (kg) and regular milled was at P38.29 per kg. Local well milled at P43.15 per kg and regular milled P37.08 per kg.

Marcos also earlier said that he is considering coming out with a new EO to set a floor price for the buying of palay or unmilled rice to protect farmers from unscrupulous traders.

Based on the latest data of the Philippine Statistics Authority (PSA), the farmgate price for paddy rice was at P12.79 per kilogram (kg), which is 38.2 percent lower compared to the P17.06 per kg in the same period in 2024.

Source : businessmirror