Marcos: Gov’t watching rice price movements

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As authorities reported rice prices spiking to P56 a kilo, President Marcos assured consumers that the Department of Agriculture (DA) and the Department of Trade and Industry (DTI) are now “closely monitoring” price movements to stop manipulation.

In a video message released by the Presidential Communications Office on Friday, the President explained that farm-gate prices are already elevated because of preharvest demand and the increased costs of fertilizer.

But agricultural officials also noted that the farmers in Nueva Ecija, Isabela, and North Cotabato have begun harvesting their crops and that should stabilize prices soon.

“We are closely monitoring the rice supply and the rising prices of rice,” Marcos said in Filipino. “We will watch it closely to make sure that happens.”

The Chief Executive has ordered the DA and DTI to step up price monitoring after prices were reported to have spiked to P56 per kilogram.

Based on the DA’s price monitoring, the prices of imported commercial rice range from P46 to P65/kg, while local commercial rice was at P40 to P62/kg in Metro Manila, depending on variety on quality.

Rex Estoperez, deputy spokesperson for the DA, explained on Thursday that their latest data showed that the cheapest prices of rice ranged from P38 to P40/kg, but some were selling the same cheap varieties at P50/kg.

Aside from monitoring the suggested retail prices of prime commodities, Trade Secretary Alfredo Pascual said in a media forum on Thursday that the DTI would also launch three food terminals in Metro Manila as part of the agency’s food logistics plan.

READ: ‘Data manipulation’ on pork imports?’That’s ‘uncalled for,’ cries DA chief