He should have spared his officials all the hewing and hawing by saying the price goal for rice was misspoken. Given price stickiness, it is unlikely rice prices will turn around and head south. Palay, unmilled rice, is now selling at about P35 per kilo. The simple reason unmilled rice is selling at that price is the higher cost of farm inputs. If we force the farmers to sell unmilled rice at a lower price than what is currently prevailing, they will simply stop farming.
