Hike in rice prices? Gov’t mulling fixed prices

Natashya Gutierrez

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Malacañang says it is carrying out surveillance to discourage hoarding of rice, but says prices are expected to stabilize in two months when imports come in

NO IMPORTS. The Philippines aims to have no more rice imports by 2014, but in the meantime still relies on imported rice leading to a hike in prices. Photo by AFP

MANILA, Philippines – Have you noticed an increase in some of your grocery expenses?

Malacañang on Tuesday, June 17, acknowledged the hike in prices and said it is contemplating suggested retail prices (SRP).

It also gave assurances the government “is exerting all efforts to ensure stable supply of rice, garlic and ginger.”

“Surveillance is being carried out to discourage hoarding and other practices that could lead to artificial shortage. Rolling stores have been deployed to sell these commodities,” Press Secretary Sonny Coloma said.

Coloma said the National Price Coordinating Council, led by Department of Trade and Industry (DTI) Secretary Gregory Domingo, is also “closely monitoring price movements.”

“While presently there are no suggested retail prices (SRPs) for these commodities, the Council may prescribe indicative prices, if needed,” he said.

A day earlier, Coloma said the National Food Authority (NFA) determined the movement of rice prices was due to “market forces since it is low season for supply.”

He said the prices are expected to stabilize in two months once rice is imported into the country.

As for ginger and garlic, Coloma cited market forces as the likely reason as well, but said the Department of Agriculture (DA) is making sure to address situations that could lead to problems with local production or an unstable supply.

“The DTI, in coordination with [the DA], is making sure the movement of prices is not exaggerated or without justification,” he said.

The Aquino administration has pushed back to 2014 its target of being self-sufficient in rice.

The Philippines, despite being the 8th largest rice producer in 2008 (16.8 million tons), was also the world’s top rice importer (1.8 million tons), the World Rice Statistics and the Food and Agriculture Organization reported.

While the Philippines was able to increase its rice output since President Benigno Aquino III assumed his post, massive damage wrought by Yolanda on the agriculture sector prevented the country from attaining its rice production goals for 2013.

Currently, the Philippines is 96% rice self sufficient. – Rappler.com

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Natashya Gutierrez

Natashya is President of Rappler. Among the pioneers of Rappler, she is an award-winning multimedia journalist and was also former editor-in-chief of Vice News Asia-Pacific. Gutierrez was named one of the World Economic Forum’s Young Global Leaders for 2023.