Rice prices start to normalize, says NFA

The National Food Authority said Wednesday prices of commercial rice have started to normalize after the regulator increased its buying operations at farms and monitored markets nationwide after rumors of a supposed rice crisis circulated last week.

 

At the Intercity in Bulacan, prices of premium quality rice were selling lower from P1,920 per bag to P1,880, medium quality rice from P1,820 to P1,780, imported premium quality from  P1,800 to P1,750. 

 

In an e-mailed statement to reporters, NFA Administrator Orlan A. Calayag said the agency will continue to monitor markets – especially where prices increased in past weeks – so that no NFA rice will be overpriced or diverted and sold as commercial rice.

 

In addition to monitoring teams already, in place the agency has dispatched market supervisors to ensure the presence of affordable, good quality NFA rice.

 

NFA sells regular-milled rice at P27 per kilogram and well-milled rice at P32.

 

Calayag reiterated there was no shortage of the commodity as national rice inventory was recorded at 1.7 million metric tons or 34.282 million bags – enough to last for 51 days.

 

The government will not hesitate to file charges of economic sabotage against those who will be found manipulating the current situation in the rice market, the official said.

 

On Monday, Agriculture Secretary Proceso Alcala denied reports of a rice crisis and vowed to go after "influential people" potentially involved in rice smuggling who are floating the rice shortage scenario. 

 

NFA said it is starting to intensify palay buying in Luzon, Visayas and Mindanao, particularly where harvest already started, to support the current stocks in government warehouses.

 

Last week, reports of alleged corruption and irregular rice imports from Vietnam by the NFA and the Agriculture Department broke out, which both the department and the NFA denied. — Danessa Rivera/VS, GMA News