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Rice prices eyed to further decrease to P34

By: - Reporter / @KAguilarINQ
/ 01:58 PM March 04, 2020

MANILA, Philippines — The government is expecting rice prices to further dip at P34 per kilo this year, the National Economic and Development Authority (NEDA) said Wednesday.

NEDA Assistant Secretary Mercedita Sombilla said she is hoping for rice prices to decrease more than the six-year low recorded last month at P36.53 per kilo.

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“We are hoping that the retail prices of rice will still go down,” Sombilla said in a press briefing in Malacañang.

“It depends on how all of these things will work out. But we are hoping it will still go down to P34, P35,” she added.

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The Department of Agriculture (DA) earlier reported a 12.3 percent decrease to P36.53 a kilo in January from P41.36 in December last year.

“The lowest one that we saw was in 2013 which was P33.70, eto na ngayon ang pinakamababa after six years, seven years (this is now the lowest we have after six years, seven years). Hopefully, pababa pa rin tayo (it will continue to decrease),” Sombilla said.

But Sombilla noted several factors may affect the target rice price of P34 like the world market’s trends or possible crisis on country’s rice importers like Vietnam and Thailand.

“There are so many factors that will get into that, including how the world market will also be evolving in the coming months,” he said.

“Hindi naman naapektuhan maliban kung merong magiging crisis sa (It won’t be affected unless there would be a crisis in) Vietnam, Thailand where major of our imports are coming from, which I don’t see in the near future,” she added.

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TAGS: Department of Agriculture, NEDA, rice price, Rice Tariffication Law, rtl
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