MANILA -- The price of rice will stabilize at P45 to 46 per kilo "by harvest time," a Department of Agriculture (DA) official told the House Appropriations Committee during the agency's 2024 budget briefing Tuesday.

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"At this time because of the high price of the imported rice coming in, it is pulling the price of local to a higher level, naghihilahan po ngayon yung presyo ng local produce at saka yung imported rice," Undersecretary for Rice Industry Development Leocadio Sebastian told the briefing.

"Imported rice is costing higher than the local produce at this time," Sebastian admitted.

Peak harvest is sometime in mid-October to November.

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Albay Rep. Edcel Lagman reminded the DA that their projection is still more than twice the campaign promise of President Ferdinand Marcos, Jr.

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"That's still far from the campaign promise of P20 and this campaign promise must have helped the president win the presidency," Lagman said.

Lagman would go on to inquire about the different prices of rice in the market now.

Sebastian said prices vary from area to area.

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"In Isabela for example there are still prices at P40 and even sometimes lower but in Metro Manila it's much higher. The lowest in Metro Manila that we are monitoring is about P46 to P48," Sebastian explained.

However, Sebastian also reported that in areas that are already harvesting, the price of rice is P21 to P23 per kilo.

Sebastian also told Lagman that there is no rice shortage in the country despite the increase in rice prices.

Another DA executive, Undersecretary Mercedita Sombilla, local rice prices have risen partly because the cost of the grain has risen in the international market.

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Input costs for local farmers have also risen, she added.

Sombilla also admitted that the country is importing because the buffer stock of the country is thin.

"The reason why we need to import is medyo manipis po yung ating stocks and we want to really assure, ensure that we have enough before the harvest season comes in case there are eventualities that we need to respond to," Sombilla said.