BIZ BUZZ: P20/kilo price goal for rice still on
By now, reality may have finally kicked in knowing that reducing rice prices to P20 per kilogram is as elusive as finding one’s soulmate.
But it seems like the Marcos administration is not giving up on that ambitious goal.
“Patuloy naming adhikain ang P20, so dahan-dahan (That remains our aspiration. We will get there slowly),” Agriculture Assistant Secretary Arnel de Mesa said while recognizing the various challenges of lowering the staple food’s retail prices.
But is it possible that this can still happen during President Marcos’ term? De Mesa, who is also spokesperson of the Department of Agriculture (DA), said: “Titingnan natin (We’ll see).”
Recall that the President made this promise during his campaign in 2022.
Fast forward to June 14, selling prices range from P45 to P52 per kilo for local regular milled rice and P48 to P55 per kilo for local well-milled rice, according to the DA’s price monitoring. A year ago, the regular milled price was selling at P34 to P43 per kilo, while well-milled rice was P38 to P46 per kilo.
Imported regular milled rice, which was not yet available last year, is currently sold at P48 to P51 per kilo. Imported well-milled rice today ranges from P52 to P55 per kilo, also higher than last year’s prices of P40 to P46 per kilo.
A promise is a promise, but one can also be categorized as a “campaign” promise.
With the cost of farm inputs still high, will the government be able to achieve this goal within four years? Only time will tell. —Jordeene B. Lagare
Remolona’s signature on banknotes
The banknotes bearing the signature of Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. is now in circulation, keeping the 75-year-old practice alive.
The local currency has borne the signatures of the President of the Republic of the Philippines and the Governor of the Central Bank of the Philippines since 1949, or a few years after the Japanese occupation of the country.
The BSP replaced the Central Bank of the Philippines as the central monetary authority. Republic Act No. 7653, or The New Central Bank Act, as amended, mandates that Philippine banknotes bear the signatures of the president and the BSP governor.
The banknotes with the specimen signatures of President Marcos and the seventh governor of the BSP include the following denominations: 20-, 50-, 100-, 500-, and 1000-Piso.
Remolona was appointed as BSP chief in June last year. —Ian Nicolas P. Cigaral
PH in Japanese firm’s radar
The Philippines is the next investment destination of Japan-based digital marketing company Ayudante, which will be formally establishing a local unit following its recent acquisition in Singapore.
A source familiar with the matter told Biz Buzz on Wednesday that the Philippine unit will be under Sparkline, the Singapore-based independent digital marketing business and pioneering certified partner and reseller of the Google marketing platform that Ayudante recently acquired.
“The company currently employs a few staff in the Philippines via the Sparkline Singapore entity, i.e. as remote workers. It plans to establish a local office and register the local entity next year,” the source said.
Founded in 2013, Sparkline is one of the first independent analytics businesses in Southeast Asia.
Meanwhile, Ayudante is a digital marketing and digital measurement consulting agency, offering services supporting marketing and analytics backed by the Google Marketing Platform, mobile app analytics and development, custom data management platforms, data analysis, and reporting,
Ayudante is also Google Marketing Platform sales partner and Google Cloud sales partner. —Alden Monzon INQ
