Wednesday 19 September
Powered by Ajaxy
Sep 2, 2018 @ 15:08

PH is not the only country with rising cost of rice, says Piñol

Agriculture Secretary Emmanuel Piñol said that Philippines is not the only country in Southeast Asia where the price of rice has been increasing, saying that relying on imports is not really a good strategy.

“The price of Vietnam rice for export classified as 5 percent broken has increased by 21.45 percent from last year’s $345 per metric ton to $419 according to the latest reports on rice prices world wide,” Piñol said.

At an exchange rate of P54 to $1 and a tariff of 35 percent, the landed cost of every kilo of Vietnam rice with a tariff of 35 percent is P37.33.

When sold in the market, this could be between P42 to P44 per kilo which is about the same price as locally produced rice.

“Those who are up in arms over the high price of rice in Philippine markets now should also know that in Thailand, which is one of our sources of imported rice, commercial rice is sold for Baht45 per kilo or about P73 in the retail market,” Piñol further said.

In Kuala Lumpur, he said, the price of rice per kilo is RM5.93, according to the website Expatistan. When converted to Philippine Peso that would be about P77 per kilo.

In Port Moresby, Papua New Guinea, the price of rice per kilo is about P100 converted to Philippine money.

“These prices indicate that there is really an uptrend in the prices of rice in the world market today and the proposal to rely on importation for our domestic rice supply could lead to a disaster in the future,” Piñol said.

“As the population of both rice exporting and rice importing countries continue to grow, the demand for rice will also increase. There will come a time when Vietnam, Thailand, Pakistan and India will no longer be able to export the same volume of rice as they do today,” he added.

This trend, according to him, will go against the proposal of some of the country’s economic managers that we just rely on imports for the supply of our domestic rice consumption.


Trending News

Recommended on sister sites

Copyright © 2018 - Latest News on Celebrities, Politikos and Businessmen that loves food!.