Recto sees lower rice prices in coming months

The government is expecting that the price of rice will go down in the coming months, according to Finance Secretary Ralph Recto.

In a 24 Oras report on Wednesday, Recto credited lower rice prices to the reduction of tariff on imported rice.  

At the same time, Recto said the government will provide more support to local farmers.

The Finance Secretary also requested to allow ongoing agriculture projects, such as irrigation and dam construction, more time to be completed in order to increase rice production.

He added the government is also addressing the country’s supply chain issues.

The Finance Secretary noted that the budget given to the Agriculture Department is twice as big  compared to its 2022 budget.

The Philippine Statistics Authority earlier said a 'substantial' reduction in the retail prices of rice is expected this month.—Mariel Celine Serquiña/RF, GMA Integrated News