The retail prices of rice are expected to increase by P5 per kilo in the coming weeks due to limited buffer stock and high farm production costs, the Department of Agriculture (DA) has projected.
According to the DA, the price of rice has risen to P23 per kilo, which is more expensive than the P19 set by the National Food Authority (NFA) for procurement.
“If the procurement price continues to rise, the market price will also rise. When we say that the farmgate price will increase, the market price will also increase,” DA deputy spokesperson Rex Estoperez said.
Apart from this, the government and commercial inventory of the buffer stock of rice is also low. Due to lack of imports, the buffer stock has decreased from the ideal buffer per day.
“We need to sustain that. That’s why we say buffer stock to tide us over whatever calamity will come. Like for example, PAGASA’s (state weather bureau) advisory said El Niño is coming. Therefore, there is a need for a buffer stock, because we don’t know how big the impact will be,” Estoperez said.
The consumers abroad are likewise affected by the growing retail prices of rice.
“The price increase is happening globally at the moment. This is not only happening to us, especially that inputs are also affected by the Ukraine-Russia war,” Estoparez stated.
Here is a list of pricing for rice according to what the DA released as of April 5:
Local
- Regular Milled: P34-40
- Well-Milled: P39-46
- Premium: P42-49
- Special: P48-60
Imported
- Regular Milled: P37-44
- Well-milled: P40-46
- Premium: P42-49
- Special: P50-58
