Agriculture Secretary Francisco Tiu-Laurel on Monday said he expects rice prices to drop to PhP45 per kilo in January next year.

The projected decline in rice prices is due to government interventions, particularly the tariff rate cut meant to stabilize supply of the staple, the official said.

In a Malacanang press briefing, Laurel said they expect prices to gradually fall by mid-October. But the full effect of the price decline should be felt by January next year, he added.

Aside from lower duties, falling prices in the international market had something to do with the decline of rice prices in the country, he said.

“But the full effects, para sa akin, PhP5 to PhP7 ang range, so, I will put it at PhP5 na dapat bumaba. Kung PhP52 ngayon ang bigas, dapat by January nasa PhP48 na lang iyan, Kung PhP50 ang bigas ngayon, PhP45 dapat iyan by January, iyan ang aking estimates,” the DA chief said. Presidential News Desk