Agriculture Department Foresees Decrease In Rice Prices Starting June

Department of Agriculture (DA) Secretary Francisco Tiu Laurel Jr. anticipates a decline in rice prices across the country starting in June, citing recent decreases in international rice prices.

The Philippines continues to depend heavily on rice imports. I Photo: Department of Agriculture Philipines

Laurel mentioned that international rice prices have shown a downward trend in recent weeks, reaching as low as USD590 per ton. However, there was a slight increase to USD630 per ton this week.

Despite this fluctuation, he expects prices to decrease again next month.

He emphasized, "On average, I think prices should be lower by next month a little bit, but our prediction is that by the second half, the price of rice in the international market will go down. If world prices go down, definitely, local prices will go down also."

The DA has taken steps to procure buffer stocks through the National Food Authority, despite facing competition from traders buying play.

Despite a slight decrease in palay production reported by the Philippine Statistics Authority in the first quarter of the year due to the effects of El Niño, Laurel remains optimistic about increased production in the next harvest season.

He stated, "El Niño really had its effect. The rain is coming and hopefully, there won't be a strong storm. If there is no strong typhoon, we will recover... we should be okay."