By Darryl John Esguerra | Philippine News Agency
President Ferdinand R. Marcos Jr. is optimistic that rice prices would go down further, consistent with the current price trend of the staple in Southeast Asia.
In a sectoral meeting in Malacañang Tuesday, Marcos discussed with top government officials ways on managing food and non-food inflation.
During the meeting, the President said rice prices are following the government’s projections.
“Doon sa rice, mukha namang sumusunod do’n sa projections natin sa rice prices. And it seems to be consistent again with the same experience of other ASEAN (Association of Southeast Asian Nations) countries like Thailand and Vietnam,” Marcos said, as quoted by a Presidential Communications Office (PCO) news release.
“So, I think as the time goes on, that should improve,” he added.
Inflation slowed to 3.3% in August this year from 4.4% in July due to the decrease in food inflation, which eased to 4.2% from 6.7%.
The reduction was due to the decline in rice inflation which went down to 14.7% from 20.9% in July.
It was the lowest rice inflation recorded since the 13.2% recorded in October 2023.
Despite this, rice was the top inflation driver and prices of the staple remain elevated.
According to the PCO, prices of rice in Vietnam and Thailand were moderate last month, as available data for September showed a decline in the prices of the staple.
The landed cost of the imported staple declined by 15%, or around P7 per kilogram, as of mid-September, following the implementation of reduced tariffs under Executive Order No. 62, s. 2024, the PCO said.
Marcos said the country also has to resort to sugar importation to ensure supply and stabilize prices.
The retail price of refined sugar remains elevated at 35%, higher than the January 2022 level, before prices spiked.
Addressing ASF
Meanwhile, to address African swine fever (ASF), among the recommendations being explored by the government is incentivizing affected hog raisers and facilitating the procurement of the remaining 450,000 doses of the ASF vaccine once stocks become available.
It was also recommended that the Department of Agriculture (DA) prioritize the provision of free doses of the vaccine to smallholder swine raisers, who account for more than 70 percent of the country’s swine inventory.