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Rice prices up slightly at start of Nov.

RICE prices increased in November as government called on the private sector to speed up the importation of the staple.

Latest data from the Philippine Statistics Authority (PSA) showed that the average retail price of well-milled rice hit P52.36 per kilogram (kg) from Nov. 1 to 5, 2023.

This was higher by 1.5 percent compared with its average retail price of P51.67 per kg posted in October 15 to 17.

Likewise, an increment of 2.1 percent was observed in the price of well-milled rice from its average retail price of P51.25 per kg posted in the first phase of October or from October 1 to 5.

The PSA said the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) reported the highest average retail price of well-milled rice at P58.79 per kg.

The average price of regular milled rice, meanwhile, stood at P46.96 per kg during the first phase of November, higher by 2.5 percent from the P45.78 per kg logged in the second phase of the previous month.

The figure was likewise 3.7 percent higher compared to the P45.27 per kg posted in the same period of October.

The highest average retail price of regular milled rice was reported in BARMM at P54.09 per kg.

To ensure sufficient supply and affordable prices of the staple, Agriculture Secretary Francisco Tiu Laurel said that he ordered importers to quickly use their import permits to buy an additional one million tons of rice from abroad.

“I said if they do not import [rice] within 30 days, I will cancel it all because I don’t want to be held hostage by permits that were issued to them upon their request,” Laurel said.

The DA said it could better manage the supply of rice and avoid price surges by assuring import permits are used quickly.

As of October 1, PSA reported the country’s total rice stock inventory was estimated at 2.04 million metric tons (MT), or 1.9 percent lower than the 2.08 million MT of the same period last year.

However, the PSA noted that the volume was 32.1 percent higher from the previous month’s inventory level of 1.55 million MT.

Of the total rice inventory, 52.9 percent were from the commercial sector, 44.9 percent were from households, and 2.2 percent were from the National Food Authority (NFA) depositories.

https://www.manilatimes.net/2023/11/25/business/top-business/rice-prices-up-slightly-at-start-of-nov/1921416 QR Code

Published Date: November 25, 2023

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