Govt to probe cases of surging rice prices in Mindanao areas

MANILA, Philippines - The Philippine government has begun an investigation into reports that rice prices in some areas in Mindanao have more than doubled. Reports indicate that grain costs have reached by as much as P47 a kilo, more than twice of the government-set price of P18.25 a kilo in areas such as General Santos, Koronadal and and Tacurong cities and Sultan Kudarat. In a Saturday radio report, the chief of the National Food Authority (NFA) said that he already plans to take the matter up with the area’s directors. “We are working on a marketing plan now that the lean months are near," NFA Administrator Jessup Navarro said in an interview on dzRH radio. He also said the NFA continues to sell subsidized rice at P18.25/kilo at the community level, and P25/kilo in markets. Earlier, traders and economists declared that the worst food price hikes is already over as Cambodia decided to lift its rice export ban. The move was considered a “positive development" for countries such as the Philippines, the world’s largest rice importer. “We have adequate supply of food even for the third quarter. The worst is over in terms of increases in food prices," Rolando Dy, executive director of the University of Asia and the Pacific’s Center for Food and Agri-Business, was quoted as saying. For his part, Herculano Co, head of the Philippine Confederation of Grains Association, agreed that Phnom Penh’s decision is expected to encourage the private sector to import rice. According to Co, the NFA’s move to allow the private sector to import rice from countries such as Thailand, India, Australia and China was met with a cool reception owing to the high prices of the commodity in the global market. The NFA will hold another auction for the private sector to import a total of 200,000 metric tons of rice from any country willing to sell the commodity. - GMANews.TV