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Lower rice prices as 325,000 MT arriving

By Genalyn D. Kabiling

Consumers could expect a reduction in rice prices with the arrival of additional supply in the country, Malacañang said yesterday.

Presidential spokesman Harry Roque has assured the country’s adequate rice supply, citing that 325,000 metric tons of rice would be delivered to the country this month.

“Kapag dumating na 325,000 metric tons sigurado naman na bababa ng presyo ng bigas kasi malaking volume ‘yan,” Roque said during a Palace press briefing.

“Kahit anong klaseng rice siya kapag maraming supply, bumababa ang presyo. Law of supply and demand,” he added.

The government is not yet inclined to activate the standby importation of 250,000 metric tons of rice due to the expected arrival of 325,000 metric tons under the minimum access volume.

Citing information from Cabinet Secretary Leoncio Evasco Jr., chairperson of the National Food Authority Council, Roque said there would be “more than enough rice” to boost the NFA rice stocks for now. “The reason why they have not actually resorted to importation is that under the minimum access volume, we’re expecting 325,000 metric tons to arrive within the month so why should we import,” he said.