The Manila, the Philippines – Agriculture Department (DA) is expected to produce rice from the National Food Authority (NFA) within the next week.
On February 4, the country was kept under the Emergency of Food Security as the prices of rice were failed.
With the announcement of food safety emergency, the NFA can start selling its rice shares.
Agriculture Secretary Francisco Diu Laurel Junior, at a press conference in Malacca, has pointed out the interest of buying rice from NFA from NFA.
The NFA can sell rice shares to P33 per kg, and the LGUs can rescue the main at P35 per kg.
Meanwhile, TIU Laurel said that once the main prices were reduced to P42 per kg, the NFA could increase the tariff on imported rice.
“We can review, reorganize, or not fully recover – this may be 15 to 20 (20 percent) or 15 percent of 15 to 25 to 25 or full 35. Depending on the advice of everyone, Tiu Laurel said.
In June last year, President Marcos reduced the fee of imported rice from 35 percent to 15 percent.
He said the government should maintain low fees until the “price of rice is reduced to a certain level”.
“This seems to be acting as it is declining (prices of rice),” said Du Laurel.
Taxation on rice, which includes quota and out-kuvota rates, is subject to review every four months based on EO.
Theu Laurel said that the Secretary of the Socio -Economic Planning Secretary Arsenio Palisacc has been proposed to conduct a value every six months.
Rice
As of January 1, 2025, the country’s rice freight rose by 6.4 per cent per year to 2.16 million metric tonnes, and it was registered from 2.03 million MD registered during the same period last year, the Philippines Statistics Commission said yesterday.
The PSA data shows that the increase in rice cargo during the reference period was brought by high stocks registered in NFA warehouses and businesses.
However, the country’s rice stocks declined by 15.7 per cent on a monthly basis from 2.56 million MT cargoes in December 2024, the agency said.
“Of the total rice stock of this month, 48.9 per cent from homes, 37.9 per cent of the business sector, 13.2 per cent of NFA deposits are from NFA deposits,” the PSA said.
Rice stocks in homes have reached 1.05 million metric, NFA and commercial warehouses, respectively, 144,050 metric and 816,510 metric respectively based on BSA data respectively.
“This month’s rice share of cargo has increased 485.1 per cent from NFA deposits and 5.4 per cent from homes.
“The rice shares from the business sector have fallen by 46.1 per cent,” the BSA added that “December 2024 was increased by 97.7 per cent from NFA deposits and 17.4 per cent in homes.”
In the same report, BSA’s total corn shares reached 328,400 metric as of January 1, with 45 per cent lower than 597,620 metric cargo in the same month.
“Corn shares revealed 40.1 per cent monthly decline in a month, compared to its previous month’s inventory, 548.31 thousand metric tonnes,” it said.
The BSA said that corn stocks in homes and businesses had declined during the reference period. In addition, 83.1 percent of the latest corn stocks were in the commercial sector, while the remaining 16.9 percent came from homes.
The corn cargo of businesses was 272,890 metric, and the homeowners in the homes reached 55,500 metritis based on BSA data.
“Since the same month, corn stocks have increased annual declines from the freight business sector by 49.5 percent and 2.7 per cent from homes,” the BSA said.
“The decline in corn shares was 43.4 per cent from the business sector and 16.2 per cent from homes,” the company added.
Meanwhile, Diu Laurel said the maximum recommended retail price (SRP) for pork could be released within the month of the month.
“We are currently reading it and we are digging the entire value chain of bacon to see if we are really profitable. If we identify the profit, we will definitely make an MSRP for pork,” he explained.
