THE retail price of rice could go up by P5 a kilo in the next few weeks because of a lower import volume and high farm production costs, the Department of Agriculture (DA) has projected.
DA deputy spokesman Rex Estoperez said in a briefing Thursday he is hoping the price increase will not be as high as forecast since the government has stepped in.The Philippine Statistics Authority has reported that a kilo of well-milled rice was selling at between 19 centavos and P2.13 higher in six trading centers toward the end of last March.Last year, rice imports reached 3.7 million metric tons , almost 1 MMT higher than the 2.
'We are also wondering why, because we had imports of 3.8 million metric tons last year. What happened to those stocks?' Estoperez said.Chief economist of the Rizal Commercial Banking Corp. Michael Ricafort attributed the lower inventory to the rising price of the staple in the world market.Ricafort predicts that 'for the coming months, better weather conditions into the dry or summer season would help increase planting, harvests, and supplies of rice.
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