A farmers group said rice prices will go down in the next two weeks as supply increases due to the harvest.
“The harvest has begun so the supply of rice will increase, but it will take a little time. The rice will be milled before reaching the market. Within the next two weeks, expect the price of rice to drop a bit,” Leonardo Montemayor, chairman of the Federation of Free Farmers Cooperative told radio dzBB, speaking in Filipino.
He said it was uncertain how steep the price drop would be, and said it was too early to say if the supply would remain stable, given the potential problems such as the El Niño phenomenon, or the possibility of strong typhoons that could affect the quantity and quality of harvested rice.
He called for government support for farmers and spoke out against imports.
“When it comes to food, we should not depend on other countries for our supply,” he said.
He noted if the government continues to rely on imports, farmers would be discouraged from increasing their production.
Meanwhile, Senator Sherwin Gatchalian said the government should implement a targeted rice subsidy program in the next three to six months to alleviate food insecurity among the country’s bottom 30 percent income households.
He cited the need for the government to immediately address soaring prices to improve their lives amid rising inflation, which rose to 6.1 percent in September, a four-month high.
While higher consumer prices take a toll on everyone, those severely affected by it are the poorest of the poor,” Gatchalian said.
Senator Francis Tolentino, meanwhile, lauded the government’s decision to provide continuing financial aid to support farmers.
Earlier, President Marcos approved the release of P12.7 billion to fund a P5,000 cash aid for each of the 2.3 million small rice farmers under the Rice Farmers Financial Assistance (RFFA) of the government.
The President also ordered the Department of Agriculture (DA) to use the excess collections of the Rice Competitiveness Enhancement Fund (RCEF) to provide drying, mechanization, and other equipment for rice farmers to help them sustain their productivity.
“From January to August this year, the Bureau of Collections had already collected P16.8 billion. This means the excess collection of P6.8 billion during the eight-month period will be distributed to farmers too,” Tolentino said.
Also on Monday, Finance Secretary Benjamin Diokno welcomed the lifting of the price cap on rice, about a month after it was first implemented, calling it timely because there was already a sufficient supply of rice.