Philippine President Ferdinand R. Marcos, Jr. has approved extending the country's rice import ban until the end of the year to help stabilize prices of unfilled rice, Agriculture Secretary Francisco P. Tiu Laurel, Jr. said Sunday.
An executive order formalizing the decision will be issued on Nov. 3, he said in a statement.
“The import ban has had little impact on retail prices and supply of rice, but has had a significant impact on the price of palay, so President Marcos deemed it necessary to extend the suspension for two more months,” he said.
Palace press officer Clarissa A. Castro did not immediately respond to a Viber message asking for confirmation.
Authorities first banned imports in September to counter falling palay prices ahead of the wet harvest season. Prices recovered briefly after the suspension, but began to ease again as the policy was set to expire on October 31.
The agriculture chief said that with the extended restrictions, assistance to farmers and fishermen and the implementation of minimum price for palay, rice farmers will get sustained relief as harvesting will continue in many areas. , Chloe Marie A Hufana
