Marcos confident on further easing of rice prices

President Ferdinand ''Bongbong'' Marcos Jr. is confident that rice prices would ease further in the country, noting the current price trend in Southeast Asia.

“Doon sa rice mukha namang sumusunod doon sa projections natin sa rice prices. And it seems to be consistent again with the same experience of other ASEAN countries like Thailand and Vietnam,” Marcos said during a sectoral meeting in Malacañang on Tuesday.

“So, I think as the time goes on, that should improve,” he said.

The Presidential Communications Office said that rice was the top inflation driver, contributing 1.3 percentage points to inflation. Inflation further decelerated to 14.7 percent, but prices remained elevated, the PCO added. 

Prices of rice in Vietnam and Thailand moderated last month as available data for the month of September has shown a decline in the prices of the staple.

Bringing down the rice price to P20 per kilo was the campaign promise of Marcos.

Marcos had said the aspiration hinges on fixing the value chain, or the series of stages involved in producing a product or service that is sold to consumers, with each state adding to the value of the product or services.

In a separate press briefing, Agriculture Secretary Francisco Tiu Laurel said the DA has projected the easing of rice prices, noting that the full effects should be felt by January 2025.

''So, we should see a lowering of—because of the lower duties, at saka bumaba rin ng kaunti ang international price ng bigas, so pababa na iyan. But the full effects, para sa akin, ?5.00 to ?7.00 ang range, so, I will put it at ?5.00 na dapat bumaba,'' Laurel said.

''Kung ?52 kunwari ngayon ang bigas, dapat by January ay nasa ?48 na lang iyan; kung ?50 ang bigas ngayon, ?45 dapat iyan by January. Iyan ang aking estimates,'' he added. —VAL, GMA Integrated News