AGRICULTURE Undersecretary Domingo Panganiban said the price cap set for rice could be extended until October.
However, there still no word yet if President Ferdinand Marcos Jr has approved the proposal.
The price ceiling could stay even with the onset of harvest season or until retail prices of the grain settles at ₱38 per kilogram, and could stay as long as it remains helpful to consumers.
Panganiban said the price cap could stay as long as it remains helpful to consumers
“Yung price cap naman at least ₱41, ₱45 will be the basis. It should not be going up as far as the price of rice is concerned,” Domingo said in an ambush interview on Thursday, said the CNN.
The price cap went into effect on Sept. 5, and the initial plan was to lift it by the end of the month.
Cash assistance was distributed to small-scale rice retails who stood to lose from the price cap.
However, no decision has been made yet on whether they will receive more subsidy should the price ceiling be extended.
“Depende kay (Social Welfare Sec.) Rex Gatchalian, depende rin kay presidente,” he said.
National Economic and Development Authority chief Arsenio Balisacan earlier said he believes the price cap could be lifted very soon given that the harvest season peaks in October.
