Rice prices still high

Rice prices have remained high despite the ongoing distribution of more affordable imported rice by the National Food Authority (NFA).

As of the third week of June, the Philippine Statistics Authority (PSA) reported that the average retail price of regular-milled and well-milled rice reached P40.57 and P44.21 a kilogram, respectively.

Compared to year ago levels, prices have gone up by 7.67 percent and 5.77 percent, respectively.

This was the 24th straight week that rice prices had increased, according to the PSA.

In a statement issued last week, the grains agency said it was “working double time to immediately deliver its P27 and P32/kg good quality rice in markets across the country.”

The NFA said in its latest update that 172,00 metric tons (MT) of rice or 69 percent of the 250,000 MT of rice imported from Vietnam and Thailand had arrived in the country.

Of the total volume, 75 percent had already been delivered or are being loaded at the ports.

The delivery of the balance has been delayed, however, by weather disturbances and port congestion.

NFA spokesperson Rex Estoperez earlier assured consumers that the presence of NFA rice in the market would bring down prices by P1 to P2 a kilo.

Aside from the tight rice supply, elevated oil prices have also contributed to the increase in rice prices.

Government data show that the buying price for palay has risen to P21.36 a kg from P19.28 a kg a year ago.

The average farmgate price for palay breached the P21 per kg-mark in the third week of May.