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Advocates Philippines
Rice Prices Expected To Decrease As Government Engages In Talks With Vietnam And India
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In a move aimed at stabilizing rice prices and bolstering the nation's rice reserves, the Department of Agriculture (DA) is anticipating a significant decrease in rice prices following ongoing negotiations with Vietnam and India. The talks, directed by President Ferdinand Marcos Jr., have yielded promising results, with Vietnamese exporters offering price quotations that are notably lower than previous estimates.
DA Senior Undersecretary Domingo Panganiban revealed that the negotiations have paved the way for more favorable terms for an additional rice import of approximately 300,000 to 500,000 metric tons. These imports are expected to play a crucial role in augmenting the country's rice inventory, thereby exerting downward pressure on prices.
Furthermore, the DA is collaborating closely with the government of India to facilitate humanitarian-based rice imports, an effort that could potentially contribute to even more advantageous terms for the nation's rice imports. Panganiban expressed optimism that these initiatives would lead to more affordable rice prices for consumers.
"This strategic approach is poised to have a substantial impact on rice prices as it reinforces our national inventory. Even without importation, our inventory is projected to suffice for a span of 52 to 57 days by the conclusion of 2023," Panganiban affirmed.
Marcos Jr.who also serves as the DA secretary, has assuaged concerns about potential rice shortages in the wake of challenges posed by super typhoon Egay in Northern Luzon and the El Niño phenomenon. Despite these adversities, President Marcos convened a meeting at the Malacañan Palace with agricultural officials and traders to discuss cohesive strategies to address rice supply issues and ensure the nation's food security.
DA Senior Undersecretary Domingo Panganiban revealed that the negotiations have paved the way for more favorable terms for an additional rice import of approximately 300,000 to 500,000 metric tons. These imports are expected to play a crucial role in augmenting the country's rice inventory, thereby exerting downward pressure on prices.
Furthermore, the DA is collaborating closely with the government of India to facilitate humanitarian-based rice imports, an effort that could potentially contribute to even more advantageous terms for the nation's rice imports. Panganiban expressed optimism that these initiatives would lead to more affordable rice prices for consumers.
"This strategic approach is poised to have a substantial impact on rice prices as it reinforces our national inventory. Even without importation, our inventory is projected to suffice for a span of 52 to 57 days by the conclusion of 2023," Panganiban affirmed.
Marcos Jr.who also serves as the DA secretary, has assuaged concerns about potential rice shortages in the wake of challenges posed by super typhoon Egay in Northern Luzon and the El Niño phenomenon. Despite these adversities, President Marcos convened a meeting at the Malacañan Palace with agricultural officials and traders to discuss cohesive strategies to address rice supply issues and ensure the nation's food security.
Aug 11, 2023
