The Market Monitor Minding the Nation's Business
The Department of Agriculture (DA) on Friday said it is inclined to recommend an extension of the 60-day rice import ban, which ends on Oct. 30, to further support local farmers.
Agriculture Secretary Francisco Tiu Laurel Jr. said farmgate prices of palay have improved since President Ferdinand R. Marcos Jr. ordered the suspension of imports from Sept. 1 to Oct. 30, coinciding with the peak wet season harvest.
“Pending data validation, I am now inclined to recommend that the President extend the ban for at least 15 to 30 days,” Laurel said in a statement.
He noted that prices of wet palay, which previously dropped to as low as P8 to P10 per kilo, have climbed to P17 in some areas of Mindanao. In provinces like Isabela and Nueva Ecija, however, prices remain at P13 to P14 per kilo, just at or below the average P14 production cost.
The DA said the volume of imported rice remains a key factor affecting traders’ buying prices. As of Sept. 11, 3.08 million metric tons of imported rice had entered the country from 3,574 issued import clearances.
The department is set to submit its recommendation on Sept. 30.