Department of Agriculture (DA) officials visit the Commonwealth Market on December 29, 2023 to monitor the prices of key agricultural products. (Photo courtesy of DA)
MANILA, Philippines — The Department of Agriculture (DA) on Friday assured Filipinos of a sufficient supply of basic necessities and prime agricultural goods a few days ahead of the New Year festivities.
After visiting Commonwealth Market in Quezon City, the DA expressed confidence that the prices of key agricultural products are stable despite some fluctuations in previous weeks.
“Based on the price monitoring at the Commonwealth, retail prices of most agricultural commodities increased as compared to last month’s prices in the wake of the holiday festivities,” the DA said in a social media post.
“However, today’s prevailing retail prices showed zero to minimal movement from that of the previous week, thus confirming sufficient supply,” it added.
Prices in Metro Manila
Based on the DA’s weekly price monitoring report for December 18 to 22, the average price of imported well-milled rice in selected markets in Metro Manila was at P58 per kilogram (kg) while local well-milled rice was sold at P50.16 per kg.
Imported red onion was sold at an average price of P120.36 per kg while local variants were sold at P175.78 per kg.
Also in Metro Manila, the price of brown sugar averaged at P79.05 per kg for the same time period, the DA said.
Prices at the national level
Data from the Philippine Statistics Authority (PSA) showed that in the second phase of December (December 15 to 17), the average retail price of well-milled rice was at P54.68 kg.
This figure is slightly higher than its average price during the first phase of December (December 1 to 5) which was at P54.21 per kg.
Also at the national level, the price of red onion slightly decreased to an average of P206.81 per kg from P208.18 per kg.
Likewise, the price of brown sugar has seen a marginal decrease to P79.52 per kg from P80 per kg, PSA data show.
Extended tariff cuts, importation for sufficient supply
On December 22, President Ferdinand “Bongbong” R. Marcos Jr. signed Executive Order No. 50 which extended the reduced Most Favored Nation tariff rates on agricultural goods, including rice, until December 31, 2024.
The National Economic and Development Authority backed the year-long extension, saying that it will help secure the sufficient supply and stable prices of key agricultural products as the country prepares for the effects of the dry season or El Niño.
The DA also said that to further ensure a sufficient supply of rice, almost 500,000 metric tons (MT) of imported rice will arrive in the Philippines between this month and February next year.
Based on data from the Bureau of Plant Industry, the Philippines had already imported 3.22 million MT of rice as of December 14, this year.