NFA says rice prices to stabilize in June

Prices of rice in the country are expected to stabilize by the first week of June as 250,000 metric tons (MT) of supply is expected to arrive in the Philippines by the end of the month, the National Food Authority (NFA) said Tuesday.

In an interview with reporters in Quezon City,  NFA spokesperson Rex Estoperez said rice prices in the country are expected to stabilize once the shipments from Thailand and Vietnam arrive beginning May 31.

"Ang terms of reference (TOR) natin for the G2G (government-to-government), not later than May 31 and June 15 so we're expecting the first tranche of importation under the G2G mode of procurement end of May," he said.

With this, Estoperez said the rice imports will be immediately released to the market in efforts to lower current rice prices.

"Pag dating ng bigas ng NFA, we sell in the markets, then we expect na bababa ang presyo," he said.

"That's our priority na sinasabi ng President sa ating Administrator -- stabilize the price and supply in the market," he added.

Based on the latest data available from the NFA, government-subsidized imported rice ranges from P25.00 to P30.00 per kilogram.

The incoming supply will be sourced from Thailand with 120,000 MT, and from Vietnam which will provide the remaining balance of 130,000 MT.

According to Estoperez, the imports will be made available in key areas with ports -- Bacolod, Cebu, Iloilo, Metro Manila, Poro Point, Subic, and Tacloban.

"We have already these ports, iba iba 'yan nationwide. We cannot sacrifice naman na mag-disburse pa tayo. That's additional cost for us," he explained.

The NFA is also currently processing the bidding of the additional importation of 250,000 of rice from private sources overseas.

At least 16 firms expressed interest to import the rice, majority coming from Thailand and Vietnam. — RSJ, GMA News