Philippine President and Agriculture Secretary Ferdinand Marcos Jr. stated that the country still has an adequate supply of rice, but the buffer stock of the National Food Authority (NFA) is low.
President Marcos said that the country’s rice supply is generally in good shape, but the NFA needs to increase its buffer stock to prevent a price increase of the commodity.
Marcos wants the NFA to purchase more rice from local producers to ensure a minimum of nine days of buffer stock is met. However, he is wary of the possibility of price increases due to such purchases.
The President suggested not buying big quantities of rice at once to avoid steep price hikes. Meanwhile, the Department of Agriculture (DA) warned that the cost of rice could increase up to ₱5 per kilogram in the coming weeks due to several factors, such as higher prices of farm inputs, low buffer stock, and the threat of El Niño.
According to the DA’s monitoring of prices in Metro Manila markets, a kilo of local well-milled rice costs ₱39 to ₱46, while regular milled rice costs ₱36 to ₱40. Meanwhile, a kilo of local premium or special rice is sold for ₱42 to ₱60.
Moreover, President Marcos emphasized that the country’s agricultural sector is rebounding and progressing beyond pre-pandemic levels, and the importations have been reduced.
Source: Inside Politico | #InsidePolitico | April 14, 2023