Trade Secretary Alfredo Pascual said with harvest and imports boosting supply, the price of rice could even fall below the previously set price caps on regular milled rice (RMR) and well-milled rice (WMR).
The price caps of P41 and P45 per kilogram for RMR and WMR, respectively, imposed under Executive Order (EO) 39 were lifted by President Ferdinand Marcos Jr. yesterday.
Pascual said in a press conference the price of rice has gone down to below these caps, some as low as P38 per kilogram in rice-producing areas like Regions 2 and 3 where logistics is not needed.
Pascual also said the Philippines’ level of rice self-sufficiency is now at 95 percent, with 5 percent to be fulfilled by imports.
Fhillip Sawali, director of the Fair Trade and Enforcement Bureau ,said the price of rice is now near the price caps, at P41.05 for RMR and P45.31 WMR.
“Market forces will now play when the prices are no longer mandated. DTI has a continuing role post EO 39. We will continue to monitor the prices of rice. We will continue to do our job. We have a mechanism to monitor supply and prices,” Sawali said.
Sawali said as of September 28, the compliance rate on the price caps is a high of 81.46 percent
These are all indications of a stable supply of stocks.
Sawali added world prices are declining and imports are expected to arrive to augment local harvest which would lift inventory levels.
Data from the BPI’s National Plant Quarantine Services Division, as much as 2.62 million metric tons of imported rice has arrived in the country as of September 28.
Bulk of the said volume at 2.35 million MT equivalent to 89.7 percent of the total shipments were from Vietnam.
The Federation of Free Farmers (FFF) said the lifting of the price ceilings will stabilize palay prices during the ongoing harvest season and provide incentives for farmers to expand their production and reduce our reliance on imports.
The Samahang Industriya ng Agrikultura said farmgate price of play is now steady between P23 and P25 per kg while retail prices of WMR can be sold between P43 and 44 per kg.
Gerald Glenn Panganiban, director of the Bureau of Plant and Industry, earlier said the Philippines is expected to harvest 1.9 million metric tons (MT) of rice this month which will boost national buffer stocks of the staple to 74 days from 52 days at present.
Based on monitoring by the Department of Agriculture on public markets in the National Capital Region as of yesterday when price caps were lifted, the price of WMR is between P44 to P48 per kg; and RWR range between P40 and P44 per kg.
The price of imported well milled rice is at P45 to P48 per kg.
Imported rice ranged from P53 to P60 for special variety and P52 to P58 for premium.
For local rice, special variety was at P54 to P62 per kg and premium at P47 to P60 per kg.
Meanwhile, Pascual also said the DTI will complete the cash assistance program to retailers affected by the month-long imposition of the price ceiling.
Sawali said 5,738 micro and small retailers have yet to get their P15,000 cash aid under the Department of Social Welfare and Development’s Sustainable Livelihood Barangay.
About P217 million has been released to 14,480 qualified recipients which is 73 percent of the target of 19,695.
