December 5, 2023

Market and Financial News

Market and Financial News Aggregator

Rice prices expected to rise by up to P5 on reduced imports 

2 min read

THE RETAIL price of rice is expected to rise by up to P5 this year due to lower import volume, according to a Department of Agriculture (DA) official. 

“For now, we are seeing a maximum (increase) of P5 per kilo. But (thanks to government action) maybe it won’t go that high,” DA Deputy Spokesperson Rex C. Estoperez said in a briefing Tuesday. 

As of March 30, the Bureau of Plant Industry (BPI) estimated that the volume of imported rice landed in the country fell 16.20% year-on-year to 360,196.175 metric tons (MT). 

Under Republic Act No. 111203 or the Rice Tariffication Law, private parties may import rice without restriction, though incoming shipments of Southeast Asian grain must pay a 35% tariff. 

Mr. Estoperez said the DA is seeking to unravel why rice inventories fell despite substantial imports last year. 

The Philippine Statistics Authority (PSA) said the national rice inventory as of Jan. 1 declined 5.1% year-on-year to 1.77 million MT. 

“Nagtataka rin kami (We have been wondering why) because we had imports of 3.8 million metric tons last year. What happened to those stocks?on.” 

He said prices could be kept in check if imports of rice are fast-tracked. 

Samahang Industriya ng Agrikultura (SINAG) Executive Director Jayson H. Cainglet that the projected increase reflects higher global rice prices.  

“Precisely because of the reliance on imports, especially in the last three years, hindi natugunan yung pagtulong sa rice farmers (aid to rice farmers was not addressed), in terms of reducing their cost of producing palay (unmilled rice),” he said in a Viber message. 

According to Mr. Cainglet, the average farmgate price of palay is currently between P19 and P20 per kilogram. 

“Time and again, we have said that imports will not ‘tame high prices,’ across commodities. It is also happening in pork, chicken, sugar, fish products, and onions,” he said. 

Mr. Cainglet reiterated that the agriculture department must instead help…


2023-04-05 06:58:31

All news and articles are copyrighted to the respective authors and/or News Broadcasters. VIXC.Com is an independent Online News Aggregator

Read more from original source here…

About Author

Leave a Reply

Copyright © All rights reserved. | Newsphere by AF themes.