Commercial rice is now priced at P36 to P38 per kilo due to the arrival of the 250,000 metric tons of National Food Authority rice from Vietnam and Thailand, the Palace said Monday.
Presidential Spokesman Harry Roque also announced that the price of NFA rice will be sold at P27 to P32 per kilo as soon as the imported rice is transferred to Subic, in Pampanga, and distributed to Metro Manila.
The Palace official said prices of rice should go down with the presence of more NFA rice in the market.
President Rodrigo Duterte earlier ordered the NFA to proceed with the rice importation following a shortage in the government rice inventory.
The low NFA buffer stock has reportedly led to the sudden increase in the prices of commercial rice.
The additional 250,000 MT of rice will ensure the affordability of the staple, Roque said.
The Philippines has existing rice supply agreements with Vietnam and Thailand—two major exporters of the staple in the region.
To boost the country’s rice supply, Roque said the government wants to prioritize the purchase of local grains from Filipino farmers over rice importation.
He said the NFA has already been reminded to buy palay from local farmers during harvest season to avoid a repeat of the shortage in government stocks.