The Department of Agriculture (DA) is confident retail rice prices will remain at “controlled levels,” or even decline further, during the “ber” months despite the government’s 60-day rice import ban that took effect on Sept. 1.

Agriculture spokesperson Assistant Secretary Arnel De Mesa said the temporary halt has not caused any spike in market prices so far.

“What’s good here is that despite the import ban for the) first two weeks, we're not seeing a spike in prices of rice. It's a very good indication,” he told the Philippine News Agency.

De Mesa said it is possible for retail prices to further drop, backing the Philippine Statistics Authority’s (PSA) projected deflation for rice for the upcoming months.

“That’s really possible plus the)continuous effort of the department to promote the Rice for All plus and P20, you can really expect the prices to continue to go down,” he added.

Despite the import ban, the maximum suggested retail price (MSRP) for 5 percent broken imported rice remains at P43 per kg.

As of Sept. 10, the prices of premium imported rice in Metro Manila range from P42 to P52 per kg., while local premium rice is priced between P42 and P60 per kg., according to the DA’s Bantay Presyo.

The prices of imported and local well-milled rice, meanwhile, range from P40 to P50 per kg., and P38 to P52 per kg., respectively.

De Mesa, meanwhile, attributed the rice deflation to the robust local palay (unhusked rice) harvest and stable rice stock inventory in the country.

The country’s rice inventory stood at 2.32 million MT in August, the highest for the month in a decade, PSA data showed.

De Mesa also cited record harvests in major rice-producing countries and lower international rice prices as additional factors supporting price stability.

PNA PHOTO