PORT congestion is hampering the further decrease in rice prices, notwithstanding tariff cuts on imports of the staple, Agriculture Secretary Francisco Tiu Laurel Jr. said on Monday.
Despite tax reductions in early August, the price of rice has not fully gone down due to ongoing delays in unloading and logistics, Tiu Laurel pointed out, noting that a ship carrying around 10,000 MT of rice would pay $7,000 per day of stay in the port.'There's no shortage, but the price of rice not to go down that soon,' Tiu Laurel said in a media briefing by the Makati Business Club.
Tiu Laurel said that as of mid-September, only 60,000 MT of rice had entered the country due to congestion at major ports, including Bataan, Subic, Manila and Batangas, where shipments are still waiting to be unloaded.Nonetheless, Tiu Laurel is confident retail prices will decrease even more by mid-October as the shipments are processed.In 2023, inbound shipments of the staple totaled 3.6 million MT, down 5.9 percent from the record-high 3.82 million MT in 2022.
Congestion Hampering Rice Price Drop
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