President Ferdinand Marcos Jr. is studying a recommendation by the Department of Agriculture to extend the P50-per-kilo price cap on imported rice for another 60 days, Malacañang said Wednesday.
The price cap, which covered 5 percent of broken imported rice, expired on June 30.
Palace Press Officer Claire Castro said Marcos has yet to approve the proposed extension as the government considers the upcoming harvest season in September.
“Inaaral pa po ito ng Pangulo para sa kanyang approval dahil tinitignan na malapit na ang anihan sa September kaya kino-consider ito ng Pangulo (The President is still studying it for his approval because he is taking into consideration the imminent harvest season in September),” Castro said in a briefing.
The Department of Agriculture recommended the 60-day extension, which was endorsed by the National Price Coordinating Council.
The government imposed the price cap to help cushion rising rice prices amid supply concerns and global market disruptions linked to the conflict in the Middle East.
The initial 30-day price cap ended in May and was later extended until June 30.