MANILA — An official of the Bureau of Plant Industry (BPI) on Tuesday said the price ceiling on two rice types would only be lifted once prices in the market stabilize, as the government's order finally takes effect.

• Price ceiling of some rice varieties to take effect Sept. 5 — Palace

President Ferdinand Marcos Jr. signed the order putting a price ceiling for regular milled rice at P41 per kilo and well-milled rice at P45 per kilo to rein in the soaring prices of the Filipino staple.

Glenn Panganiban, director at BPI said aside from his agency, the trade and interior departments would help monitor rice prices and continue holding dialogue with affected retailers and traders. BPI is an attached agency of the Department of Agriculture.

"Kapag nakita natin na talagang mayroon nang pagbabago o mag-stabilize na yung presyo doon sa nararapat na presyo ay maaari nang magrekomenda ang Department of Agriculture at [Department of Trade and Industry] para sa pag-lift ng executive order na ito," Panganiban said in a televised briefing.

• Violators of rice price ceiling to face penalties: DTI

The official noted that they are monitoring rice prices regularly to make the proper recommendation.

In the meantime, he said, communicating the importance of what they consider corrective measures to stakeholders is important to prevent the spread of speculations.

"Kesyo tumataas ang presyo externally, kesyo mataas ang binhi dito, mataas ang cost of production. Ang gusto natin ay talagang maibigay ang tunay at nararapat na impormasyon nang sa ganun ay makapag-mporve pa tayo ng strategy," he said.

"Kasama na rin ng pag-monitor ng ating mga regional field offices sa DA. So ito ay pinag-aralan at... sa pag-aaral ng value chain, yun po ay nararapat na presyo ng nasa merkado," he added when asked how the government came up with the price range.

The National Economic and Development Authority over the weekend said the price ceiling was only temporary.

Marcos on Monday said he has directed the Department of Social Welfare and Development to provide financial aid to local rice retailers affected by the price control.

Mandating price ceilings on regular and well-milled rice, he said, would address an “alarming increase” in the retail price of rice, which he attributes to rice smuggling and hoarding.

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Video from PTV