Prices of rice yet to stabilize
The prices of rice in the local market are yet to stabilize as the National Food Authority (NFA) is yet to deliver all the imported rice in their respective destinations.
NFA spokesperson Rebecca Olarte blamed this to the bad weather, saying that of the 250,000 metric tons (MT) of imported rice delivered that entered the country, only 5 percent is currently being sold so far in the market.
“Our estimate is that by mid-August, NFA rice would already have an effect [in the prices]. The problem right now is the weather,” Olarte said in a Philippine Daily Inquirer report.
The presence of NFA rice in the market would significantly pull down the prices of commercial rice, which stood at P40 to P45 per kilogram.
This, as NFA rice is only being sold at P27 and P32 per kilogram depending on the quality.