MANILA: An official from the Philippine agriculture sector on Friday voiced concerns about the ongoing struggle to reduce the price of rice, despite the country boasting an ample supply of this essential staple.
Roger Navarro, an Undersecretary of Agriculture, highlighted that the Philippines currently holds sufficient rice stock due to a robust harvest in the previous year coupled with additional imports in January.
Navarro explained that despite this surplus, the challenge lies in lowering prices as the cost of rice remains high, mirroring the elevated prices seen in rice-exporting nations like Vietnam and Thailand. He pointed out that in these key rice-supplying countries, the cost per kilogram stands at 48 pesos (approximately 0.87 U.S. dollars) and 52 pesos (about 0.93 dollars) respectively.
Navarro emphasized that the crux of the issue lies not solely in the price but rather in stabilizing the supply. He underscored that the daily rice consumption in the Philippines amounts to approximately 37,000 metric tons, necessitating monthly imports of around 300,000 tons to bolster local production.
Navarro highlighted a concerning trend, noting that rice inflation surged to 22.6 percent in January from 19.6 percent in December of the previous year. Providing insight into the current situation, Navarro mentioned that the Philippines has already imported 590,000 metric tons by Wednesday, intending to complement local output once the harvest season commences in the coming months.
