DA expects lower rice prices as PH opens talks with Vietnam and India
The Department of Agriculture (DA) is expecting price decrease for rice following the government’s continuing talks with Vietnam and India.
According to DA Senior Undersecretary Domingo Panganiban, acting on the directive of President Ferdinand Marcos Jr., the Department opened talks with Vietnam and India.
As a result, Vietnamese exporters have given price quotations that are $30-40 lower than what was quoted in their recent meeting in Malacanang.
Panganiban said this will give better terms for the additional rice import of around 300,000 to 500,000 metric tons that are expected to arrive to boost the country’s rice inventory.
Panganiban added that the DA is also working with the government of India “to allow imports (to continue) on humanitarian grounds.”
“This will hopefully pave the way for the country to get better terms for the additional 300,000 to 500,000 MT rice importation for this year,” Panganiban said.
“This will help lower the prices of rice as it will further beef up our national inventory which, even without importation, is expected to last for 52 to 57 days by end of 2023,” he added.
President Ferdinand Marcos Jr. earlier assured the Filipino people that the DA has enough supply of rice despite the agricultural damage left by Super Typhoon ''Egay'' in Northern Luzon and the El Nino phenomenon.
Marcos, the concurrent DA secretary, recently met with the agricultural officials and traders at the Malacanan Palace where they discussed their recommendations to address issues on rice supply in the country. Presidential News Desk
