Connect with us

Hi, what are you looking for?

News

‘Not yet possible’ to bring rice prices down to P20, Dar says 

PHILIPPINE STAR/ MICHAEL VARCAS

AGRICULTURE Secretary William D. Dar said on Wednesday that bringing down the price of rice to P20 per kilogram, as promised on campaign by President-elect Ferdinand R. Marcos, Jr., is not achievable unless the government brings down production costs. 

Mr. Dar, who leaves office at the end of the month, estimated the production cost of palay, or unmilled rice, has soared to P14.80 per kilo from P11.50 per kilo after Russia’s invasion of Ukraine raised fertilizer and fuel prices.

“The farmgate price, or when you buy the palay at 14% moisture content, is at P19 per kilo,” he told ABS-CBN’s TeleRadyo. As a result, he said, P20 rice is “not yet possible.”

Mr. Dar, who served a previous term as Agriculture Secretary between 1998 and 1999, said the government’s P3-billion subsidy for fertilizer is also not enough.

During the campaign, Mr. Marcos made his promise on rice prices, which he later described as “aspirational.” Economists said such a program could swell the national debt if carried out. Farmer groups and other stakeholders said they were not consulted on that electoral promise. 

Albay Rep. Jose Maria Clemente S. Salceda has said that P20 rice is only possible if the Philippines imports rice from Vietnam and removes all taxes.

Mr. Dar said that the production cost has to be lowered to achieve the ambitious goal.

The cost of palay production is currently at P8 per kilo in Thailand and P6 per kilo in Vietnam, he added.

“The aspiration of our President-elect is a good sign,” Mr. Dar said. “All of our endeavors should be planned so we can achieve that level of price for rice at P20.”

“One way to really reduce the price of rice is to reduce your cost of production,” he added.

The Philippine Confederation of Grains Associations earlier said Mr. Marcos’ promise, which analysts have described as populist, is only possible with subsidies. — Kyle Aristophere T. Atienza

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

REUTERS TRADE Secretary Alfredo E. Pascual’s intention to join more free trade agreements received backing from major business chambers, who declared support for participating...

News

NATIONAL IRRIGATION ADMINISTRATION PHOTO RELEASE SUBSIDIES provided to government-owned and -controlled corporations (GOCCs) declined by 82.31% year on year to P7.905 billion in May,...

News

PHILIPPINE STAR/ MICHAEL VARCAS AGRICULTURE and fisheries planning needs to be more “bottom-up” to better meet the needs of farmers and fisherfolk, steering away...

News

REUTERS ERIC BROTEN had planned to sow about 5,000 acres of corn this year on his farm in North Dakota, but persistent springtime rains...

News

(First of two parts) Family-run businesses require structures that are necessary to ensure a smooth transition. In the Philippines, the wealth of ultra-high net...

News

THOUSANDS of supporters of President Ferdinand “Bongbong” R. Marcos, Jr. are unfazed by the rain during a free concert held in Manila on the...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Financial Advisors

The healthcare ecosystem is one that has thrived on the cusp of scientific progress, benefitting enormously from the winds of change in the technological...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.