Vendors tend to their stalls selling rice at the Kamuning Market in Quezon City on August 9, 2023. Jonathan Cellona, ABS-CBN News 

MANILA - Rice prices may go down if the Rice Tarrification Law (RTL) is amended, the Department of Agriculture said on Wednesday.

Agriculture Assistant Sec. Arnel De Mesa said they expect rice prices to go down when the RTL is amended as the National Food Authority will regain its price stabilization function.

"Kung magkakaroon ng pagkakataon ng NFA to do price stabilization, there will be a significant reduction [in rice prices], of course. Kung magkakaroon ng pagbabago sa batas," De Mesa said during the Kapihan sa Manila Prince Hotel on Wednesday.

(If the NFA is given the chance to do price stabilization, there will be a significant reduction in prices, of course. If there will be amendments to the law.)

"Kaya niya mag-cause ng pagbaba sa presyo," he added.

(It can cause prices to get lower.)

On Tuesday, the House of Representatives passed the amendments to the Rice Tarrification Law on third and final reading.

Under the amendment, the National Food Authority will regain its mandate in price stabilization and supply regulation of rice.

The agency will also regain its regulatory functions like visitation of warehouses.

The DA said it is hoping the Senate will soon pass its version of the bill.

LOWER PRICES ONLY FOR THE POOR?

The Federation of Free Farmers (FFF) said it supports the measure, but warns that under the House version, cheaper rice will only be available to poor families.

"Yung bigas na mas mura, it will not be for everyone, but for yung mga mahihirap nating kababayan. Idadaan yung murang bigas sa mga Kadiwa," said FFF chairman Leonardo Montemayor.

(Cheaper rice will not be for everyone, but only for our poorer countrymen. It will be coursed through Kadiwa.)

HIGHER INVENTORY

Meanwhile, the NFA Council announced that the agency was able to "exponentially increase its palay inventory within a month" after raising its buying price.

"Since the approval of the higher buying price for palay, the agency has procured an additional 2.41 million 50-kilo bags as of May 15," it said in a news release.

This is a steep increase because from January 1 to April 15, the NFA has only procured a total 142,244 bags of palay.

“The new price scheme is really the game changer,” NFA acting administrator Larry Lacson said.

Around 2.5 million bags of palay were bought between January 1 and May 15, representing 82.76 percent of the 3.08 million target for the period, the NFA said.