In a recent statement, Agriculture Secretary Francisco Tiu Laurel Jr. expressed optimism about achieving rice prices in the mid-PHP30s per kilogram during the administration of President Ferdinand R. Marcos Jr. This statement came during a joint market inspection at the Commonwealth Market in Quezon City, where Laurel was joined by Department of Trade and Industry Secretary Cristina Roque and Quezon City Mayor Joy Belmonte. The inspection revealed that prices of rice, tomatoes, and other vegetables have been decreasing.
Laurel responded to inquiries about the possibility of lowering rice prices to PHP20 per kilogram, stating that while that specific target might not be feasible, a price range in the mid-PHP30s could be achievable. He attributed this potential to the declining global rice prices and ongoing government interventions.
According to the Food and Agriculture Organization of the United Nations, the price of 5 percent broken Vietnam rice has dropped significantly from USD634.5 per metric ton in January 2024 to USD416 per metric ton in January of the current year. Laurel highlighted several government measures contributing to lower rice prices, including a 15 percent tariff on imported rice, a food security emergency declaration allowing the sale of National Food Authority rice stocks to various government entities, and a maximum suggested retail price of PHP55 per kilogram for 5 percent broken imported rice.
The Agriculture Secretary also noted that the maximum suggested retail price for rice had been reduced from PHP58 to PHP55 per kilogram, and local markets are showing compliance with prices ranging from PHP55 to PHP40 per kilogram. He mentioned that the food security emergency might be lifted once prices for 5 percent broken imported rice reach the PHP42 to PHP45 per kilogram level.
Laurel further specified that well-milled and regular-milled imported rice should be priced between PHP38 and PHP42 per kilogram. Current market prices for imported premium rice range from PHP48 to PHP58 per kilogram, while well-milled and regular-milled imported rice are priced at PHP44 to PHP45 and PHP38 to PHP46 per kilogram, respectively. Local rice prices are similarly varied, with premium rice ranging from PHP46 to PHP58 per kilogram, well-milled from PHP42 to PHP52 per kilogram, and regular-milled from PHP38 to PHP45 per kilogram.
Under the food security emergency, over 50 local government units across several regions have expressed interest in purchasing National Food Authority rice stocks at PHP33 per kilogram and selling them to consumers at the same price. Quezon City Mayor Joy Belmonte mentioned that the city’s over 3,000 rice sellers could participate in this initiative.
In addition to rice, the joint market inspection also observed lower prices for other commodities such as tomatoes and chicken. Tomatoes were found to be as low as PHP30 per kilogram in some stalls, with the highest price observed at PHP50 per kilogram. Chicken prices have also decreased, with some stalls selling at PHP130 per kilogram, down from PHP180 in December.