The Department of Agriculture (DA) does not expect prices to drop despite the good harvest in the first quarter.
“The buying price of rice traders is still high. I don’t expect prices to immediately drop until maybe June or July this year,” said Francisco Tiu Laurel Jr. at the Bagong Pilipinas Ngayon public forum yesterday.
In the same forum, Tiu Laurel assured fish canners will have enough supply despite the suspension of the issuance of sanitary and phytosanitary import clearance for the importation of round scad, mackerel and bonito.
According to Tiu Laurel, palay production in the first quarter of the year is expected to reach 4.78 million metric tons (MT) despite the effects of El Niño.
Tiu Laurel said total rice imports this year will not reach 4 million MT as projected by the United States Department of Agriculture.
Actual imports reached 3.5 million MT in 2023 and 3.8 million MT in 2022
Tiu Laurel said the first quarter palay estimate of the Philippine Statistics Authority matches those of Philippine Rice Research Institute and the Philippine Rice Information System .
Tiu Laurel expressed hope harvest will remain steady despite the El Niño as well as the projected La Niña thereafter.
Based on DA’s monitoring of public markets in the National Capital Region (NCR), the price as of yesterday of local well-milled rice is between P48 and P58 per kg and regular milled, P48 and P53 per kg.
The price of imported well milled rice is at P51 to P54 per kg, while the price range of imported regular milled rice is at P48 to P51 per kg.
Imported rice ranges from P57 to P65 for the special variety and P52 to P63 for premium.
For local rice, the special variety costs P56 to P66 per kg and premium, P50 to P61 per kg.
Also at the forum, Tiu Laurel fish canners can still import the same amount of canned mackerel based on the volume covered by value-added sales.
Tiu Laurel said the suspension as contained in Memorandum Order (MO) 14 series of 2024 was meant to address the diversion to wet markets of imported fish.
Fisheries Administrative Order (FAO) 195 series of 1999 prohibits the entry of imported fish into domestic wet markets if not covered by a certificate of necessity to import.
“If they imported (a certain) amount and they diverted (some of) it, they will really have a shortage… I even added 10 percent, meaning technically, they they should be able to import 10 percent more of what they are getting now. I don’t see any reason why they (should fear there will be) a shortage,” Tiu Laurel added.
Based on DA’s monitoring of public markets in the NCR per kg prices of monitored fish products as of yesterday P140 to P300 for local round scad.
Prices of imported round scad were not available.
