NFA assures rice prices to remain stable PDF Print E-mail
Sunday, 04 August 2013 13:43

The National Food Authority (NFA) is confident that the prices of commercial rice would remain stable despite recent price increases on the staple.

NFA spokesperson Rex Estoperez said the recent release of its well-milled rice at P32/kg, in addition to its regular milled rice that is currently being sold at P27/kg, will provide consumers high quality rice at an affordable price.

“We expect that this will close the gap between the prices of government and commercial rice,” according to Estoperez.

He also said that the rice supply of the country is sufficient for the lean months of July to September.

The country’s total rice inventory stands at 2.4 million metric tons which is good for 71 days. Of this volume, the NFA holds 692.8 thousand metric tons (TMT) or 13.8 million bags representing 28 percent of the total stock. The commercial sector holds 776.4 TMT or 15.5 million bags, which is 32 percent of the total, while bulk or 40 percent of the stocks totaling 958.2 TMT or 19.1 million bags are kept in households.

The NFA also expects that prices will stabilize by September, the start of the harvest season.

Data from the Bureau of Agricultural Statistics show that as of July 23, the wholesale price for well-milled rice at P34.85, registered an increase of 1.72% from last week’s P34.26 and 4.75% from last year’s P33.27.

Its retail price at P36.69/kg gained by 1.10% from last week’s level of P36.29 and by 3.44% from last year’s posting at P35.47.

The wholesale price of regular-milled rice at P31.89/kg grew by 1.53% over previous week’s (P31.41) and 4.52% over previous year’s (P30.51) levels, respectively.

The average retail price at P33.66/kg was up by 1.02% from last week’s record (P33.32) and 4.15% from last year’s report (P32.32).