MANILA, PHILIPPINES- Retail prices of rice in the Philippines have declined by P2 per kilo, attributed to a decrease in the cost of well-milled rice, signaling relief for consumers amid global market shifts.
Consumers in the Philippines are experiencing a welcome decrease in rice prices, with retail rates dropping by P2 per kilo.
This reduction can be attributed to a decline in the cost of well-milled rice, which now stands at P52 per kilo, providing some relief for households grappling with economic challenges.
According to the farmers’ group Samahang Industriya ng Agrikultura (SINAG), the decline in retail prices follows a slight reduction in the world market price of rice, amounting to at least $30 per metric ton.
This adjustment has prompted local retailers to lower prices, with imported rice expected to see a reduction in retail costs within the next 15 days.
Consumers can already find the reduced retail price of well-milled rice available in local markets, signaling immediate accessibility and affordability for households across the country.
As retailers sell off old stocks and replenish their inventory, further price decreases are anticipated, providing additional relief for consumers.
Despite concerns about the potential impact of the El Niño phenomenon on palay production, recent reports indicate that more farmers have planted crops this season, mitigating potential disruptions and ensuring a steady supply of rice in the market.
This calls for the government to maintain tariffs on imported rice remain prevalent, with stakeholders emphasizing the importance of safeguarding the interests of local farmers.
The significant tariff revenue collected from imported rice in 2023, totaling P31.5 billion, has been instrumental in supporting rice farmers and enhancing the resilience of the agricultural sector.
In addition to the decline in rice prices, consumers can also expect relief in the cost of other staple food items, such as galunggong or round scad, as the conclusion of the closed fishing season leads to a decrease in retail prices by P40 per kilo.
This trend further contributes to easing the burden on consumers and promoting food security in the Philippines. The fishing prohibition has been lifted, and commercial fishermen may start operations as of today.
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