Agri group expects rice prices to drop in next 2 weeks

Metro Manila (CNN Philippines, October 10) — The group Samahang Industriya ng Agrikultura (SINAG) expects rice prices to decrease to ₱40 per kilogram in the next two weeks as harvest season begins.

Based on SINAG’s estimation, regular milled rice may drop to ₱40 per kilogram, while well-milled rice may cost ₱42 to ₱43 per kilogram

“We’re expecting ‘yung regular, kahit lower than ₱40,” SINAG Executive Director Jayson Cainglet said. “Siguro by next week kasi ‘yung mga naani last week and this week, papasok ‘yan sa market.”

[Translation: We're expecting the price of regular milled rice will be lower than ₱40 per kilogram. Maybe by next week because those harvested last week and this week will enter the market.]

“Hopefully by next week or end of October, mag-stabilize na siya (prices will start to stabilize),” he added.

In Metro Manila markets, regular milled rice ranges from ₱41 to ₱45 per kilogram, while well-milled rice costs up to P48, according to the Department of Agriculture (DA).

DA spokesperson Ariel de Mesa said in areas nearer to rice fields, rice is sold at ₱38 per kilogram at the beginning of the implementation of the price cap, which was intended to temper the high prices of the commodity.

“Definitely, we can expect na bababa ‘yung presyo kaysa ‘yung mga nakalipas na linggo dito sa Metro Manila hanggang sa mga probinsya,” De Mesa said.

[Translation: Definitely, we can expect that the price will go down compared to the recent weeks, from Metro Manila to the provinces.]

President Ferdinand Marcos Jr. lifted last week the implementation of the rice price ceiling.

With reports from CNN Philippines' Currie Cator.