Rice prices unlikely to spike, central bank says

ABS-CBN News

Posted at Apr 21 2017 04:42 PM

MANILA – Rice prices are unlikely to rise significantly as the country has enough supply of the staple grain until June, Bangko Sentral ng Pilipinas Deputy Governor Diwa Guinigundo said Friday.

The Philippines has 70 days worth of inventory, more than the 45-day requirement. Domestic rice output in the first quarter grew 12.8 percent to 4.44 million metric tons, compared to the same period last year, Guinigundo said.

“Isolated” cases of rat infestation and heavy rains, however, could result in “frictional” price increases, Guinigundo told ANC’s “Market Edge with Cathy Yang.”

If supply becomes insufficient, Guinigundo said the government could “look into the possibility” of using the 250,000 metric-ton import allocation for government-to-government deals.