Rice tariff bill not expected to significantly raise imports - USDA
THE US Department of Agriculture does not expect significant growth in the volume of rice imports in Market Year (MY) 20182019 even with the passage of the rice tariffication bill.
The USDA said sufficient overseas orders have been made, though the law would favor imports from ASEAN countries.
The USDA said that potential imports over the long term will depend mainly on the Philippines’ domestic production. The USDA said the law, which liberalizes the rice importation process, will bring down rice prices by P2 to P7 per kilo, helping contain inflation.
The Philippine Statistics Authority (PSA) reported that palay production for the three months to December may decline 1.3% to 7.22 million metric tons (MT), due to a decline in the area planted to rice. The yield per hectare may also fall 0.51% to 3.91 MT.
The PSA added that the average farmgate price of palay fell 0.20% from a week earlier to P20.01 per kg in the first week of December.
The average wholesale and retail prices of well-milled rice also fell, according to PSA.
The average wholesale price of well-milled rice fell 0.26% from a week earlier to P42.43 per kg in the first week of December. The average retail price of well-milled rice fell 0.26% to P45.93 per kg.
The average retail and wholesale prices of regular-milled rice, also fell, the PSA said.
The average wholesale price of regular-milled rice fell 0.56% from a week earlier to P39.21 per kg. The average retail price of regular-milled rice fell 0.66% to P42.17 per kg.
The average farmgate price for yellow corn in grain form rose 1.35% week-on-week to P14.23 per kg, the PSA said. The average wholesale price rose 0.49% to P20.63 per kg.
The average retail price was unchanged week-on-week at P25.73 per kg.
The average farmgate price for white corn in grain form rose 1.11% from a week earlier to P14.55 per kg.
The average wholesale price for white corn in grain form rose 0.97% week-on-week to P20.90 per kg. The average retail price rose 0.07% to P27.84 per kg. —