Agri chief likely to extend rice import suspension by 15-30 days

Agriculture Secretary Francisco Tiu Laurel Jr. is likely to recommend extending the 60-day suspension of rice importation by at least 15 to 30 days.

The suspension, initially ordered by President Ferdinand "Bongbong" Marcos Jr. to protect local farmers during the peak harvest season, covers September and October.

Since the temporary import ban took effect, preliminary data indicates a rebound in local palay prices.

In Mindanao, farm-gate prices of wet palay have increased to P17 per kilo from a previous range of P8-P10.

In provinces like Isabela and Nueva Ecija, prices have risen to P13-P14 per kilo, which, while still not profitable for most farmers, signifies an improvement.

The Department of Agriculture estimates the average cost of producing palay at P14 per kilo, with the most efficient growers achieving P12 per kilo.

Secretary Tiu Laurel also reiterated support for amending the Rice Tariffication Law to restore regulatory powers to the National Food Authority, enabling it to manage import volumes and market interventions.