The country’s rice supply remains sufficient through the first half of this year, despite the anticipated impact of El Niño on local harvests.
Agriculture Secretary Francisco Tiu Laurel Jr. explained that recent imports, coupled with the upcoming harvest peak in March and April, contribute to this assurance.
“We have enough rice supply so prices should remain stable through the first half of the year. Our priority now is market stability,” said Secretary Tiu Laurel.
Laurel said that prices may remain elevated through September this year due to concerns regarding El Niño’s impact on the global rice supply and the heightened demand for the grain, which consequently keeps international prices high.
He also noted that the Philippines has signed a five-year rice supply deal with Vietnam to secure a source of 1.5 million to 2.0 million metric tons of rice annually. Additionally, India has pledged to provide the country with additional supply despite the import ban on non-basmati rice.
Furthermore, 750,000 metric tons of imported rice arrived in December and January, bolstering local inventory.
“What we need to guard against now are profiteers who may attempt to exploit the situation by using El Niño as an excuse to hoard rice supply to push local prices to unreasonably high levels,” Laurel said.
Laurel instructed DA assistant secretary and spokesman Arnel de Mesa to coordinate with the Department of Trade and Industry and law enforcement agencies to monitor surges in the price of rice in the market.
