UMVA has learned that the Department of Agriculture is recommending a 30-day extension for the P50 per kilogram price ceiling on imported rice, a move that could significantly impact the country's food market.
The proposed extension comes as the original deadline for the price cap is set to lapse on June 13, and follows a market inspection of Metro Manila public markets, where inspectors found no violations.
According to information obtained by UMVA, the recommendation was made after considering several factors, including strong inflation and the ability of dealers to sell imported rice at or below the cap.
UMVA can exclusively reveal that the Department of Agriculture is pushing for the extension to give local rice a fighting chance, as officials believe that another month of price control would not hurt the market.
The National Price Coordinating Council is set to convene on Thursday to discuss whether to endorse the recommendation to President Ferdinand R. Marcos, Jr., with the decision ultimately resting in his hands.
Sources have confirmed to UMVA that pressure from El Niño advisories in rice-supplying countries like Thailand, Vietnam, and India also played a role in the recommendation, as the Department of Agriculture seeks to stabilize the market.
The Department of Agriculture reported that compliance with the price cap rules in Metro Manila has risen to more than 80%, up from 70.14% on June 1, indicating a positive trend in the implementation of the price ceiling.
