‘Rice retail prices down by P2/kilo’

MANILA, Philippines —  The retail prices of rice decreased by P2 per kilo as well-milled rice went down to P52 per kilo compared to the previous P54 per kilo, according to farmers’ group Samahang Industriya ng Agrikultura (Sinag).

“The good news is there is a slight decrease in the price (of rice) in the world market, at least $30 per metric ton. This means that there will be a decrease in the imported rice 15 days from now. We expect that by March, the retail price will further go down as it is also the peak in the local palay harvest,” Sinag chairman Rosendo So said yesterday in a radio interview.

He noted that the 25 percent broken rice in Vietnam went down to $612 from the previous $640 per metric ton; Thailand, $568 per MT from the previous $605 per MT.

So added that the P52 per kilo of well-milled rice is already available in local markets.

“The delivery of rice in Metro Manila is at P48 per kilo, these are the 25 percent broken. This means that you have P52 (per kilo) retail price from the previous P54 to P56 per kilo. It should go down to P52 to P54 per kilo,” he said.

According to So, the retailers are expected to bring down their prices once their old stocks are sold and they have to replenish.

He added that the palay production will not be affected by the El Niño phenomenon as many farmers planted this crop season.

“More areas were planted (palay) compared to last year so if there was an increase in farmlands, the drop in production will be recovered with the increase in area planted to rice,” So said.

On the other hand, he said that the government should continue imposing tariff on imported rice so that farmers could continue to benefit from proceeds from the collection.

“There is no assurance that the retail price of imported rice will go down if there will be a slash in tariff. The tariff is necessary so that the farmers are protected,” he added.

So noted that at least P31.5 billion tariff collected from the imported staple in 2023 were used to benefit rice farmers.

“At least P5 billion went to the machinery; P3 billion for certified seeds; P1 billion to the loans being provided by the Landbank; P1 billion for technical training and in January, at least P12.7 billion were distributed where farmers owning two hectares and below, received P5,000 cash each,” he said.

Meanwhile, the retail price of galunggong or round scad started to go down by P40 per kilo as the closed fishing season formally ended yesterday, according to the Department of Agriculture (DA).

Based on monitoring of the DA in Metro Manila markets yesterday, round scad was sold at P280 per kilo, compared to P320 per kilo on Wednesday or a drop of P40 per kilo.

The retail price of galunggong is expected to decrease by 30 percent with the end of the three-month closed fishing season in Visayan Sea and Zamboanga peninsula on Feb. 15, Agriculture Assistant Secretary and spokesperson Arnel de Mesa said.

Imported round scad was pegged at P260 per kilo.

Commercial fishers can resume their operations effective today with the end of the fishing ban.