MANILA, Oct 3 (Reuters) – The Philippines will have a stable supply of rice in the last quarter of the year, an agriculture official said on Tuesday.

Gerald Glenn Panganiban, director of the Bureau of Plant Industry, said the country expected to harvest 1.9 million metric tons of rice this month which will boost national buffer stocks of the staple to 74 days from 52 days at present.

Panganiban also said it is possible the price cap on rice imposed last month will be lifted soon but the decision will have to be made by President Ferdinand Marcos Jr who is also agriculture secretary.

A drop in rice prices has been observed following the imposition of ceilings last month, Panganiban told a media briefing.

(Reporting by Mikhail Flores and Karen Lema; Editing by Kanupriya Kapoor)

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Published Date: October 3, 2023