The retail price of rice will not return to its previous level of P40 per kilo as the prevailing cost in the market remains high, farmers’ group Federation of Free Farmers (FFF) national manager Raul Montemayor said yesterday.
MANILA, Philippines — The retail price of rice will not return to its previous level of P40 per kilo as the prevailing cost in the market remains high, farmers’ group Federation of Free Farmers national manager Raul Montemayor said yesterday.
“We will depend on the rice importation but based on our computation with tax paid, it’s between P45 and P50 per kilo. It will depend on how much it will be sold by the traders,” he said. “We don’t see a spike as for the last how many months, the retail price of well-milled rice was between P50 and P52 and until now, it ranges from P50 to P52 ,” Agriculture Assistant Secretary and spokesman Arnel de Mesa told The STAR.
“The importation last year was 3.6 million MT so only two million MT is needed to reach the same level. It is possible that we can surpass ,” he added.“We expect that the lower imported rice can influence the retail price in the markets,” he added. “Our production last year was 20.06 million MT. Our projection despite the El Niño is at 20,448 million MT. Assuming our losses to El Niño are 100,000 to 200,000 MT and your losses to La Niña are 300,000 MT, you are still within the target,” De Mesa said.
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