Amid the implementation of a price cap due to the high cost of rice, a farm group expressed belief there is no need to import the Filipino's food staple.

In a radio interview, Rosendo So, Samahang Industriya ng Agrikultura (Sinag) president explained that the country will have enough rice until March 2024 as long as farmers will continue to plant and if farms will not be affected by storms.

"Our local production is okay. We do not have any problem. We will have supply until March and those who will harvest will again plant until December. We expect that we will have enough supply until June next year, so we do not have a problem, there is no need to import," he said.

So also lauded the decision of President Ferdinand Marcos Jr. rejecting a reduction of rice tariff as he stressed that the price of Vietnam rice has gone down to $30.

"If other countries see that we do not need to import rice, they will lower the price because if we need to import they will increase the price," he said.

So said the price cap may also be lifted when rice harvests are expected in the first week of October as the cost of well milled rice is forecast to decline.

"Let's wait for the large volume of harvest in the first week of October. So with that, if we are expecting a large volume the price of rice is expected to decrease to 43 to 44 pesos much lower than the price cap. So it can then be removed," he said.

When asked about the present price of rice, So said "in the rice producing provinces the cost has lowered to less than 45 pesos per kilo because there is no need for transportation."

"Here in Manila the delivery price is 40 to 41 pesos for well milled rice so the retail price is at 44 to 45 pesos," he said.

Based on the price monitoring of the Department of Agriculture on September 26, the price of imported well milled rice is P45 and P44 for imported regular milled rice, while local well milled rice cost P45 to 49 and P40 to P42 for local regular milled rice. Robina Asido/DMS