Local rice still cheaper than imported – DA

MANILA, Philippines — Local rice remains cheaper by P3 per kilo compared to imported grains, despite the devastation brought by Severe Tropical Storm Kristine and the flooding of at least 3.6 million metric tons of imported rice, the Department of Agriculture said.

Based on DA latest monitoring in Metro Manila markets, the retail prices of local regular milled rice ranged between P42 and P47 per kilo compared to the retail price of imported regular milled rice priced at P45 per kilo.

The DA price monitoring also showed the retail prices of local well-milled rice ranging between P45 and P53 per kilo as there was no available imported well-milled rice. For local premium rice, retail prices ranged between P50 and P58 per kilo as compared to the imported premium rice of P52 to P60 per kilo.

Economic managers earlier said the retail price of imported rice will go down by as much as P7 per kilo with the implementation of Executive Order 62, which allows a 15-percent tariff on imported rice from the previous 35 percent.

But farmers’ groups have maintained that EO 62, which was implemented on July 7, did not result in lower retail price of imported grains as it only benefited the importers and traders.

Agriculture Secretary Francisco Tiu Laurel Jr. moved the expected full impact of EO 62 to January 2025 from October 2024, saying demand for food usually spikes in December.

As of Oct. 17, at least 3.6 million metric tons of imported rice have arrived in the country, with the bulk, or 2.8 million MT, coming from Vietnam.

Other rice imports were sourced from Thailand (448,963 MT), Pakistan (159,159 MT), Myanmar (107,198 MT), India (22,039 MT), China (5,720 MT), Japan (2,386 MT), Cambodia (1,620 MT), Italy (14 MT) and Spain (1.92 MT).

The local rice harvest for the wet season started in September and peaked this month.