Agriculture Secretary Francisco Tiu Laurel revealed on Thursday that the local prices of rice are unlikely to decrease until June or July due to India’s continued ban on rice imports.
Speaking during a televised briefing, Laurel expressed the challenge, stating, “It’s very hard to make estimates now, ang problema sa rice industry of the world, while bumaba na nang konti ang world market price, ang India meron pa rin silang export ban sa mundo sa bigas.”
He emphasized, “So until itong export ban nila ay ma-lift, I think itong prices will not yet drop considerably.”
Despite the ongoing harvest season, Laurel noted that the prices of palay bought by rice traders remained “high.”
The US Department of Agriculture had previously projected that the Philippines would import as much as 4.1 million metric tons in 2024, anticipating smaller crop production for the year.
However, the Department of Agriculture (DA) does not foresee the country’s rice imports reaching 4 million metric tons due to a projected increase in rice production, despite the El Niño.
Laurel expressed optimism, stating, “After naman ng El Niño we expect okay naman ang harvest and hopefully ang La Niña hindi kalaki ang effect… We are hoping na may konting increase ang production din natin ng rice for this year 2024.”
He further commented on the USDA’s estimate, saying, “So yung estimate ng USDA in my opinion ay medyo mataas, I think that’s the worst case scenario and I think hindi aabot doon.”