MANILA, 21 October 2007 — Prices of staple rice have been increasing in the past four months while peso exchange rate continuously decrease as it is pegged at 44 pesos to a dollar as of Friday.
Market prices of commercial rice increased to P26 up to P40 per kilogram, Arab News found out in its round of the consumer markets recently. Rice price last July was P22 up to P25 a kilogram.
In relation to the recent increase of rice prices, Agriculture Secretary Arthur Yap instructed the National Food Authority (NFA) to intensify the monitoring and distribution of government rice pegged at P18 per kilogram nationwide.
Close watch of the prices of rice is expected to curb reported overpricing of NFA rice in Barangay Food Terminals and flea markets where ordinary consumers buy rice. The NFA has suspended allocation of rice to a barangay in Quezon City for alleged overpricing of NFA rice. Specifically pinpointed was barangay Holy Spirit where some 2,000 poor families, the biggest in Metro Manila, reside. NFA-accredited sellers have been allegedly selling the poor consumers’ rice to commercial retailers to gain profit.
Likewise, a modus operandi of mixing three sacks of rice and one sack of commercial rice to be sold at a much higher price more than the NFA standard price has been going on. NFA Administrator Jessup Navarro assured the buying public of its close monitoring activities that will hopefully put an end to illegal activities being committed by some businessmen. While formal charges are being prepared against these grains businessmen, the NFA automatically suspends their rice allocation to prevent them from committing the same crime.
In a related development, Agriculture Assistant Secretary Salvador Salacup has sent Navarro a list of BFT operators who signified interest to be accredited as NFA rice retailers.
BFT Special Concerns Manager Joie Faustino told Arab News they have a pending request with the NFA to provide them rice for sale. She said the BFT would like to go straight to NFA and avoid passing the middlemen who gain profit from the increased prices.
The Bureau of Agricultural Statistics Office issued a list of prevailing rice prices from the lowest NFA rice at P18 to commercial rice prices costing P26 up to P45 per kg.
