Marcos optimistic on rice price declines, cites ASEAN trends

President Ferdinand Marcos Jr. remains optimistic about further declines in rice prices, citing trends observed in Southeast Asian countries like Thailand and Vietnam.

During a sectoral meeting at Malacañang on Tuesday, Marcos discussed strategies to manage food and non-food inflation with top government officials.

The President noted that rice prices are consistent with projections and the experiences of other ASEAN nations, suggesting continued improvement in the coming months.

Inflation has slowed to 3.3 percent in August from 4.4 percent in July, largely due to a decrease in food inflation driven by lower rice prices.

Despite remaining elevated, rice was still the top contributor to inflation, adding 1.3 percentage points, but recent data shows a decline in rice prices in Vietnam and Thailand.

Reduced tariffs under Executive Order No. 62 have led to a 15 percent decrease in the landed cost of imported rice, with an average reduction of P7 per kilogram as of mid-September.

The meeting also addressed recommendations for hog raisers affected by African swine fever (ASF) and facilitating the procurement of remaining ASF vaccine doses once available.