Latest Stories

Group warns prices of rice could go up by P5 per kg

PRICES of rice in markets nationwide, like here in Mandaue City, are going up. TONEE DESPOJO/CEBU DAILY NEWS

DAVAO CITY—Another increase in prices of rice, especially in many parts of Mindanao, is likely to trigger panic buying if government is unable to keep prices stable, a group of rice retailers warned.

The Confederation of Grains Retailers Association (Grecon) said it sees another P5 per kilogram increase in rice prices in the coming days unless government is able to fill the gap in supply that is causing prices to rise steeply.

In some areas, prices have gone up by more than P10 per kg, according to Grecon in a statement.

James Magbanua, national president of Grecon, said the next round of price increases could trigger panic buying if the government failed to do anything about it.

Magbanua, in the Grecon statement, said current rice stocks in warehouses of members of Grecon are estimated to last only until the middle of this month.

“Supply support has been coming only from Luzon,” Magbanua said. “Even that is beginning to wane,” he said.

He said the group of rice retailers expects supply to come in in October or November and “supplies cannot wait that long.”

He said retail prices in Cagayan de Oro have now reached P36 to P45 per kg, or a 28 to 40 percent increase from the P28 to P32 per kg before the series of price increases in July.

“Another P5 spike in prices may already cause panic buying,” Magbanua said. “The same is true in Davao City,” he said.

The group questioned the repeated assurance of the National Food Authority (NFA) and the Department of Agriculture (DA) of sufficient supply of rice. Grecon also expressed doubts over statements made by the DA that a registered supply of 2.4 million metric tons (48.3 million sacks) of rice will last 71 days.

“The statistics do not reflect the situation in far-flung regions and provinces,” Magbanua said.

He also contested government’s claims of a 21-day 616,000 metric tons buffer stock of rice.

“Their claim of a current inventory of 19-21 days buffer stock is false,” he said.

“What they have is a buffer stock of only nine days’ worth of good rice. The rest are unmilled rice, good for eight days when milled, and an old stock of rice that will have to be remilled to even be saleable,” he added.

The group also expressed doubts over the government’s “bright projection about the country’s rice self-sufficiency program and the prospect of exporting rice in the next few years.”

“We can’t even begin to speak for 97 million Filipinos about rice self-sufficiency in the future when we’re about to lose supply in the next two weeks in areas where we need to feed only 2 million Filipinos—600,000 in Cagayan de Oro and 1.4 million in Davao City,” he said. Germelina Lacorte, Inquirer Mindanao

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Agriculture , Food Production , Food security , News , Regions , rice

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
  1. Napoles spills beans on Enrile, Estrada, Revilla – De Lima
  2. Opinions split on Napoles turning state witness
  3. Delfin Lee: Blame Pag-Ibig, not me
  4. Plunder complaint filed vs PNP chief, firearms office head over license delivery deal
  5. Cedric Lee’s cohort flies out of PH despite look-out order – De Lima
  6. San Juan cops fail to arrest Cedric Lee
  7. More ‘Yolanda’ bodies found
  8. Gigi Reyes pins blame on aide
  9. Lawyer: Napoles ‘will tell all’
  10. Boy ‘sexually assaulted’ at Indonesia international school
  1. Napoles spills beans on Enrile, Estrada, Revilla – De Lima
  2. Gigi Reyes pins blame on aide
  3. Estrada: Gigi Reyes won’t testify vs JPE
  4. Bernice Lee arrested by NBI team
  5. Enrile chief aide back in PH ‘to face charges’
  6. ‘No real progress in PH if dynasties not dismantled’
  7. Suspect in Vhong Navarro’s mauling wants to turn state witness – De Lima
  8. Reckless driver endangered lives of Aquino, entourage–report
  9. More legal woes for Cedric Lee
  10. Henares on Pacquiao bashing: I did not start this
  1. KL confirms Malaysian Airlines Flight MH370 ended in Indian Ocean
  2. MRT passengers pass the hat for 6-year-old Ashley
  3. Rookie, lady cops lauded for quick response to MOA heist
  4. Malaysia averts another air tragedy; pilot lands troubled plane safely
  5. Revilla says he was joking; Lacson stands by his story
  6. Revilla ‘consulted’ Lacson on how he evaded arrest
  7. Cudia, dismissed for lying, got 99% in conduct
  8. Kim Henares needs a reprimand, says Cayetano
  9. Hammer-wielding robbers cause chaos at Philippines’ Mall of Asia
  10. Napoles spills beans on Enrile, Estrada, Revilla – De Lima


  • 12 senators on Napoles ‘pork’ list, says Lacson
  • Napoles surgery in Makati hospital successful
  • Save the queen? Aide takes fall for Enrile, Gigi Reyes
  • Napoles turnaround alarms whistle-blowers
  • Palace prepared to charge its allies
  • Sports

  • Mixers trim Aces; Painters repulse Bolts
  • Donaire junks Garcia as coach, taps father
  • ’Bye Ginebra: No heavy heart this time
  • UAAP board tackles new rules
  • Baguio climb to decide Le Tour de Filipinas
  • Lifestyle

  • Entering the monkhood a rite of passage
  • Haneda International Airport: A destination on its own
  • Wanted: Beauty queen with a heart that beats for the environment
  • Kim Atienza: At home with art and design
  • Life lessons I want to teach my son
  • Entertainment

  • Return of ‘Ibong Adarna’
  • Practical Phytos plans his future
  • In love … with acting
  • From prison to the peak of success
  • ‘Asedillo’ location thrives
  • Business

  • Philippine Airlines to stop shipment of shark fins
  • PH banks not ready for Asean integration
  • Stocks down on profit-taking
  • Banks allowed to use ‘cloud’
  • SMIC to issue P15-B bonds
  • Technology

  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Mark Caguioa lambasts Ginebra teammates on Twitter
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • PH seeks ‘clearer assurance’ from US
  • China and rivals sign naval pact to ease maritime tensions
  • What Went Before: Manila bus hostage crisis
  • Obama arrives in Tokyo, first stop of 4-nation tour
  • Believe it or not: Filipinos love US more than Yanks
  • Marketplace