In an interview to FM97 radio channel, he said that the scheme contains both weaknesses and strengths.
Farmers plan a rally in Bangkok tomorrow to voice their grievance over the government's decision to cut the rice-pledging price from Bt15,000 per tonne to Bt12,000, starting from the next crop.
Phumtham noted that the situation is far from a crisis.
"It's their rights to voice their troubles. Yet, they should not violate the law," he said. "Profit is not the rice-pledging scheme's objective, but it's the policy to help farmers. Yet, the government needs to strike a balance of benefits for farmers and rice sellers. Thus, the price must be adjusted accordingly to global prices."
He noted that everything can be discussed. If farmers' benefits are the main goal, other measures can be brought in following the change in the pledging price.
Representatives of farmers in 10 provinces in the Central and Northern regions today submitted the petition to Prime Minister Yingluck Shinawatra, demanding for the reinstatement of the Bt15,000 rice-pledging scheme.
Farmers are also planning to stage a rally tomorrow.
PM's Office Minister Varathep Varakorn said after receiving the petition that the government is ready to welcome the opinions and suggestions from all parties, to ensure the highest public endorsement for the government's policies.
He also viewed that the rice-pledging scheme is not a total failure, as farmers' benefits are obvious. However, the government may need to improve its communications with farmers.
"I believe that the rally would not intensify, if it's not being politicised. I also believe that farmers would not tolerate being used as a political tool. For now, the ministries of Finance and Commerce are working on the solutions to assist farmers, which could involve a change. The solutions should be ready before June 29," he said.