Extending the price cap implementation for imported rice for 60 more days was recommended by the Department of Agriculture (DA) to avoid another surge in retail prices prior to the start of the harvest season.

In an interview with reporters, Agriculture Secretary Francisco Tiu Laurel confirmed that the documents for recommendation to extend the implementation of the P50-per-kilo of imported rice were submitted for the approval of President Ferdinand Marcos Jr.

"The recommendation of the (National Price Coordinating Council) NPCC is to extend the price cap but I did not see if it is for 30 days or 60 days, but the recommendation of DA is for 60 days. The document is now at the Palace, so we can see if it will be signed or not," he said.

During the Palace briefing on Wednesday, Presidential Communications Office (PCO) Undersecretary and Palace Press Officer Claire Castro said Marcos is studying the recommendation.

"The NPCC, or the National Price Coordinating Council, has recommended an extension of the price cap. It is still being studied by the President for approval because the upcoming harvest season is in September, so the President is taking that into account as well," she said.

Tiu Laurel explained "when the price cap was implemented, the prices of goods in the market generally went down,"

"It was effective. The data clearly shows that what used to average around 50 to 51 dropped to around 47 to 48 pesos during the peak period. That's also why we need two more months, because there's currently no harvest," he said.

"So if the price cap is lifted now, prices might go up again. But if we extend it for another 60 days, by August to September our harvests will start again, so the supply will stabilize. With more supply overall, we'll be able to keep inflation under better control," he added. Robina Asido/PHS