MANILA, Philippines — Rice prices are expected to stabilize in November when the harvest season starts, although prices will not likely go below P40 per kilo, Agriculture Secretary Emmanuel Piñol said yesterday. Piñol made this forecast during deliberations on the Department of Agriculture (DA)’s proposed P55.9-billion budget for 2019 by the Senate finance sub-committee, chaired by Sen. Cynthia Villar. Prior to the price surge, commercial rice was sold at P35 to P40 per kilo while National Food Authority (NFA) rice was at P27 per kilo. Piñol said 4Ps beneficiaries – or the poorest segment of the population – are given additional cash subsidies supposedly to allow them to buy rice. However, he claimed that there is no guarantee the beneficiaries were using the cash grants to buy rice, adding that over P35 billion would be infused to the farming sector if the subsidy was converted to grain.

Source: Philippine Star September 10, 2018 15:37 UTC