The supply and demand of rice in the Philippines remains reliable despite the looming effects of many factors including the decision of Russia to withdraw from the Black Sea Grain Initiative, the decision of India to ban rice exports, and, the El Niño phenomenon, according to the Department of Agriculture (DA).
“As of today, we are looking at, you know, sound pa rin naman iyong supply and demand natin,” DA Undersecretary Mercedita Sombilla told reporters during a press briefing in Malacañang on Tuesday.
Despite the positive report, Sombilla said that President Ferdinand R. Marcos Jr., who is also the concurrent DA Secretary, has expressed concerns about the possible effects of the three major global issues on the Philippine agriculture sector.
Sombilla said that they have to discuss ways to mitigate the further effects of three global issues “that are now unfolding” as she emphasized that the DA is prepared to increase rice production in the Philippines.
“We are prepared. The production for up to the second quarter, we have something like 39 days of stocks and then will continue. The DA has already prepositioned ways by which we could really increase production,” Sombilla said.
“The biggest rice production will still come sometime, kung hindi end of September, sometime in October. So we will be beefing up our supply, and of course, the usual na supply that we will be also getting from imports,” she added.
Sombilla also emphasized that the price of rice in the market could be attributed to the effects of the increase in prices of fertilizer and fuel cost, which are still fluctuating primarily due to the Black Sea Grain Initiative.
While there are unstable movements in the Black Sea Grain Initiative, Sombilla emphasized that it will cause a “very minimal effect” on the Philippine market similar to the effect on the decision of India to ban rice exports.
She emphasized, however, that a problem may emerge depending on how other exporting countries would respond to the global events, but which the DA is closely monitoring. PND
