Marcos sees rice prices going up due to El Niño impact
By Raymund Antonio and Raymund Antonio
Published Jul 30, 2023 07:52 am
President Ferdinand “Bongbong” Marcos Jr. admitted growing concerns about the impact of the El Niño phenomenon, particularly on the prices of the country’s staple grain.
(Keith Bacongco/File Photo/MANILA BULLETIN)
The Chief Executive also expressed his worry on the country’s rice supply stock as he starts to consider India as possible import source. “I’m thinking about the national supply of rice,” the President told officials in Tuguegarao City on Saturday, July 29, while there to assess the devastation caused by Typhoon ‘Egay’ (international name Doksuri). “Everybody is preparing for El Niño, lahat ng nasa Southeast Asia, sabay-sabay nagbibilihan (all in Southeast Asia have been buying simultaneously),” Marcos, who also serves as the Agriculture chief, noted. “Kaya ninenerbyos ako dahil tataas na naman ang presyo kahit mag-import tayo (That’s why I’m becoming nervous because prices will increase even if we import),” he added. He expressed his worry because he said Indonesia has been importing massively and that supplies are dwindling in neighboring rice-rich countries. However, the President may look optimistically at India, saying that “I think I can make a deal with India, baka meron tayo mapakiusapan doon (we might be able to ask help from someone there).” Originally, the Philippines, one of the world's biggest rice importers, buys rice from Vietnam but the President lamented it might be hard to do so now because of the competition. “But we have to start importing already. Vietnam says nailabas na raw lahat ng kanilang ilalabas. Thailand pwede pa (they already released all that they can release. Thailand is still possible),” he said. However, India had just put a ban on exporting non-basmati white rice because retail prices climbed by three percent recently due to damage to crops brought by monsoon rains. India is the world’s largest exporter of rice, accounting for more than 40 percent of world rice exports. The cut in shipments of non-basmati white rice could inflate food prices already driven up by the Russia-Ukraine conflict.
(Keith Bacongco/File Photo/MANILA BULLETIN)
The Chief Executive also expressed his worry on the country’s rice supply stock as he starts to consider India as possible import source. “I’m thinking about the national supply of rice,” the President told officials in Tuguegarao City on Saturday, July 29, while there to assess the devastation caused by Typhoon ‘Egay’ (international name Doksuri). “Everybody is preparing for El Niño, lahat ng nasa Southeast Asia, sabay-sabay nagbibilihan (all in Southeast Asia have been buying simultaneously),” Marcos, who also serves as the Agriculture chief, noted. “Kaya ninenerbyos ako dahil tataas na naman ang presyo kahit mag-import tayo (That’s why I’m becoming nervous because prices will increase even if we import),” he added. He expressed his worry because he said Indonesia has been importing massively and that supplies are dwindling in neighboring rice-rich countries. However, the President may look optimistically at India, saying that “I think I can make a deal with India, baka meron tayo mapakiusapan doon (we might be able to ask help from someone there).” Originally, the Philippines, one of the world's biggest rice importers, buys rice from Vietnam but the President lamented it might be hard to do so now because of the competition. “But we have to start importing already. Vietnam says nailabas na raw lahat ng kanilang ilalabas. Thailand pwede pa (they already released all that they can release. Thailand is still possible),” he said. However, India had just put a ban on exporting non-basmati white rice because retail prices climbed by three percent recently due to damage to crops brought by monsoon rains. India is the world’s largest exporter of rice, accounting for more than 40 percent of world rice exports. The cut in shipments of non-basmati white rice could inflate food prices already driven up by the Russia-Ukraine conflict.