The Philippine Department of Agriculture observes a rise in local rice prices by up to ₱3 per kilo amid recent oil price increases, with imported rice prices climbing up to ₱5 per kilo. Measures to stabilize prices have been proposed.
The Philippine Department of Agriculture (DA) has monitored an increase in local rice prices by up to ₱3 per kilo compared to March 9, just before a significant oil price hike took effect. Imported rice prices have also risen, by up to ₱5 per kilo. The DA’s official price monitoring shows that from March 9 to March 18, imported well-milled rice increased from ₱43-49 to ₱45-49 per kilo, and imported regular milled rice rose from ₱37-46 to ₱42-45 per kilo. Local well-milled rice prices shifted from ₱40-54 to ₱40-57, while local regular milled rice changed from ₱33-48 to ₱35-47. Agriculture Secretary Francis Tiu Laurel recommended setting a price cap of ₱50 per kilo on imported rice to support local palay prices during the harvest season. Laurel explained that the landed cost is about ₱35 with an added ₱10 overhead, suggesting imported rice prices should range from ₱45 to ₱50 per kilo. Prices exceeding this range may indicate profiteering. Retail price observations at Makati’s Pobalacion Market indicate rice selling for ₱58-60 per kilo, an increase compared to the usual ₱55. Some retailers expressed willingness to sell rice at ₱48 per kilo if supplied through government channels such as Food Terminal Inc. and Planters Products Inc. There are currently 36 markets offering affordable rice, with plans to expand to other provinces. The DA reassured the public that agricultural supplies, including rice, vegetables, and pork, are sufficient through June or July. Laurel emphasized that having nearly 400,000 tons of rice stock and peak harvest season contributes to expected price stability. While the DA’s monitoring shows price increases, the agency is actively proposing controls to maintain market stability during the ongoing economic adjustments.
Sources referenced:
- https://www.gmanetwork.com/news/topstories/nation/980684/da-monitoring-sees-p3-per-kilo-increase-in-price-of-local-rice/story/
