President Marcos Announces Congressional Solution to High Rice Prices

President Ferdinand Marcos Jr. announced a bicameral committee solution to high rice prices, allowing government rice imports to lower market prices. The measure includes declaring food security emergencies, using NFA buffer stocks, and increasing the Rice Competitive Enhancement Fund to P15 billion.

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President Marcos Announces Congressional Solution to High Rice Prices

President Ferdinand Marcos Jr. announced on Thursday that the Congress bicameral committee is ready to present a solution to address the high price of rice in the Philippines.

"I don't want to preempt the bicameral committee, but I think we have found the solution already," President Marcos stated to reporters in Cagayan de Oro City. He revealed that both the Senate and the House of Representatives have developed a scheme to allow the government to import rice, aiming to reduce its market price.

"If the price of rice is high, we will sell at a lower price, so the market would follow," Marcos explained. The specifics of which government agencies will be given the authority to import rice are yet to be finalized.

Key Provisions of the Measure:

  • Food Security Emergency: The Department of Agriculture Secretary, upon recommendation from the National Price Coordinating Council or Local Price Coordinating Council, may declare a food security emergency in cases of rice supply shortage, sustained price increase, or extraordinary price surge.

  • National Food Authority (NFA) Role: Under such emergencies, the NFA may utilize existing inventory intended for buffer stocking to supply areas experiencing price hikes or supply shortages.

  • Buffer Stock Maintenance: The measure mandates maintaining sufficient buffer stock sourced from local farmers' organizations and cooperatives.

  • Importation Guidelines: If the buffer stock is insufficient, the NFA may:

    1. Purchase local milled rice.
    2. Purchase up to a maximum of 30 percent of rice brought in by accredited importers at cost.
    3. As a final recourse, directly import rice with explicit authorization from the agriculture secretary, only after all domestic sources have been exhausted.

Additionally, the bill proposes increasing the base amount of the Rice Competitive Enhancement Fund from the current P10 billion to P15 billion to better support the rice sector.

President Marcos emphasized the collaborative efforts between the Senate and the House of Representatives in crafting this measure and expressed optimism about its potential impact on stabilizing rice prices and ensuring food security for the Filipino people.

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