DA: PH has enough rice supply; prices to be stable for first half of 2024
MANILA, Philippines — The Department of Agriculture (DA) said on Thursday that the rice supply in the country will be sufficient for the first half of the year due to imports and projected harvests.
According to DA Secretary Francisco Tiu Laurel Jr, the prices of rice in the first half of the year should also be stable.
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“We have enough rice supply so prices should remain stable through the first half of the year. Our priority now is market stability,” Tiu-Laurel said.
However, the DA said that rice prices may increase by September due to the projected effects of El Niño in the country, as well as international demand.
The DA chief added that the department will be on guard against rice profiteers who will hoard rice supplies, thus raising prices.
Article continues after this advertisement“What we need to guard against now are profiteers who may attempt to exploit the situation by using El Niño as an excuse to hoard rice supply to push local prices to unreasonably high levels,” he added.
Article continues after this advertisementThe agency likewise said that for December and January, the country imported 750,000 metric tons of rice.
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