Rice prices may stay elevated until September, according to the Department of Agriculture (DA).
The DA assured rice supply is sufficient through the first half of this year, with recent imports and the upcoming harvest that peaks in March and April.
This in turn will ensure stable prices of the country’s main food staple through June in spite of El Niño, the DA said.
However, DA Secretary Francisco Tiu Laurel Jr., said prices may stay elevated through September due to concerns over El Nino’s impact on global rice supply as well as the heightened demand for the commodity that pushing international prices higher.
“We have enough rice supply so prices should remain stable through the first half of the year. Our priority now is market stability,” said Tiu Laurel, in a statement yesterday.
The DA said the Philippines signed a five-year rice supply deal with Vietnam that ensures a source of 1.5 million to 2 million metric tons (MT) of rice a year and India for additional imported supply on non-basmati rice.
“What we need to guard against now are profiteers who may attempt to exploit the situation by using El Niño as excuse to hoard rice supply to push local prices to unreasonably high levels,” Tiu Laurel said.
