Rice prices increase for 24th straight week despite entry of imported supply

The entry of cheaper imported rice had done very little so far to the cost of rice in the country, which haven't retreated even by a single week over the past six months.

Based on the latest data provided by Philippines Statistics Authority (PSA), both farmgate price of palay as well as the prices of well-milled and regularmilled rice are still on the rise for the 24th straight week.

“Faster rates of price increases are noted at wholesale and retail trades of well-milled rice,” PSA said.

During the third week of June, the average wholesale price of well-milled rice stood at 141.46 per kilogram (kg), which is 0.22 percent higher from a week ago level of 141.37/kg and 6.86 percent from previous year's price of 138.80/kg.

Similarly, the average retail price of well-milled rice went up further by 0.18 percent to 144.21/kg from 144.13/kg in the previous week.

Compared to the previous

year's price level of 141.80/kg, it was also higher by 5.77 percent.

As for regular-milled rice, “continues price hikes are also observed at both wholesale and retail trades,” PSA said.

At the wholesale trade, the average price of regular-milled rice was registered this week at 138.06/kg.

It particularly picked up by 0.32 percent from previous week's level and by 8.77 percent from a year ago level of 134.99/kg.

The average retail price of regular milled rice, on the other hand, went up by 0.32 percent to 140.57/kg from previous week's record of 140.44/kg. It was higher than the previous year's level by 7.67 percent

As for the farmgate price of palay, it also increased by 0.56 percent to 121.36/kg from a week ago level of 121.24/kg. It was likewise higher by 10.79 percent than the level of P19.28/ kg in the same period last year.

In an interview, National Food Authority (NFA) spokesman Rex Estoperez said on Monday that prices of rice in the country may finally go down this month as the agency goes full blast in the distribution of imported rice in the market.

“As long as the imported supply is visible, we will see a decline in the prices. We might go full blast in the distribution this week,” he further said.

Over the weekend, NFA assured the public that its field personnel are working double time to immediately deliver its 127/kg and 132 /kg good quality rice in markets across the country.

As of June 28, a total of 172,000 metric tons (MT) or 69 percent of the 250,000 MT rice imported via government-to-government tender from Vietnam and Thailand had already arrived in the country.

Of the total volume, about 132,000 MT are still at port while 37,444.250MT had already been delivered at the NFA designated warehouses.

Another 40,400 MT are either in transit or being loaded at the ports of origin.

The remaining 37,600 MT or 15 percent of the total volume is still for nomination of vessels from the country of origin.

Meanwhile, portion of the stocks to be imported through the governmentto-private bidding is also expected to arrive this month.

Five suppliers from Thailand and Singapore were earlier awarded with the contract to supply another 250,000 MT of 25 percent broken, well milled long grain white rice for the NFA.

The fresh stocks will form part of the NFA’s food security stocks during the lean months of July to September.

Bulk of the volume or 200,000 MT are scheduled to arrive in the country not later than July 31, 2018, while the remaining 50,000 MT should be delivered not later than August 31, 2018.