DESPITE slight increases in some markets, rice prices remain stable in markets a day into the implementation of a 60-day suspension of imports, Department of Agriculture (DA) spokesman Arnel de Mesa said on Tuesday.
The rice import halt was ordered by President Ferdinand Marcos Jr. last month after an influx of cheap imported rice was cited as a reason for palay (unmilled rice) prices reportedly dropping to as low as P8 per kilogram (kg) in some areas in the country.
De Mesa said that while there were slight upticks in the prices of imported rice, these were not that much. He added that the DA did not monitor any price increases for local commercial rice, including premium, well-milled and regular-milled varieties.
He gave assurances that the department, together with the Department of Trade and Industry, the police and local government units, was continuing to monitor the market to ensure that the import suspension is implemented.
To ensure that industry players do not exploit the situation, de Mesa said the DA was in talks with importers and retailers, the National Food Authority and other agencies.
Prices are also not expected to surge, as the country currently has a substantial rice inventory, he said.
Palay harvests hit a record 9.08 million metric tons (MT) in the first half, the second time that output had topped 9 million MT in the same period after 2023’s record 20.06 million MT.
The DA expects harvests to exceed 11 million MT in the second half of the year, which will raise total production for 2025 to a record of over 20 million MT.
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