Prices of rice continue to rise

The upward trend in the wholesale and retail prices of rice is now on its 10th week, data from the Philippine Statistics Authority showed.

This is on top of the lack of cheap, subsidized rice in the market due to the supply shortage at the National Food Authority, which is expected to continue until the last week of May—the scheduled arrival in the country of imported rice.

For the fourth week of March, wholesale and retail prices of regular-milled rice were at P37.13 and P39.74 a kilo, respectively. These were 7.28 percent and 7.38 percent higher than prices in the same period last year.

Similarly, the average wholesale price for well-milled rice increased by 5.85 percent to P40.69 a kilo from P38.44 the previous year.

Average retail price for well-milled rice was P43.46 a kilo, 4.85 percent higher from a year ago level.

President Duterte recently sought the help of wholesalers and retailers to ensure the availability of affordable rice in the market as the government awaits for the arrival of rice imports.

James Magbanua, national president of the Grains Retailers Confederation of the Philippines, said stakeholders came to an agreement to provide regular-milled rice to the market at P39 a kilo.

“That price will not change until the arrival of the rice imports, or even when prices of well-milled rice and premium rice continue to rise,” he said.

According to Agriculture Secretary Emmanuel Piñol, consumers could expect the cheaper commercial rice variant in the market by next week.