President Ferdinand “Bongbong” R. Marcos Jr. proposed an alternative scheme to lower rice prices amidst discussions on amending the Rice Tariffication Law (RTL). In an interview in Cagayan de Oro, Marcos revealed that the government could release affordable rice into the market to drive prices down when they are high.
While Marcos expressed his intention to declare amendments to the RTL urgent, he has been in talks with both the House of Representatives and the Senate regarding this matter. The RTL currently limits the National Food Authority’s role in rice sales.
The proposed amendments aim to empower the National Food Authority to sell inexpensive rice during emergencies or price spikes.
