FARMERS' group Samahang Industriya ng Agrikultura (Sinag) President Rosendo So on Mar. 1 said that consumers should expect a P4 per kilo increase in the retail price of rice as the price of a sack increased to P2,000 from the previous P1,850 per 50-kilo pack.

He attributed the price increase to the rising farmgate price of palay pegged at P23 per kilo from P21.50 per kilo in January 2023.

"So far, palay was averaging P21.50 per kilo in January. It increased to P22 per kilo in February. It further went up to P23 per kilo in aa week's time," So said.

As a result, the wholesale price of rice now ranges between P38 and P40 per kilo.

"This is not yet the retail price, it is only the wholesale price. It will mean plus P4 per kilo more or less for the retail price. So from the previous local price of P40, it will go up to P42 per kilo, almost the same price of imported rice," he noted.

So added that there is limited stock of the grain, as the peak harvest season will only start in April.

"Our harvest is between October and November, and the farmers will start planting again between November and December. That's why the harvest season starts at the end of March going to April," he said.

The price of rice in the world market has also increased, he added, with the landed cost of imported grains ranging between P38 and P40 per kilo.

"The landed cost of rice from Vietnam is at $500 per metric ton. Thailand is at $510 per MT from the previous $410 per MT," he said.

So attributed the global price spike to the high cost of production, particularly fuel and fertilizer.

As of Feb. 16, 2023, the country's rice imports reached 308,860 MT.

Of this, 82 percent or 253,810 MT came from Vietnam.

Other sources of imported rice are Myanmar, 29,825 MT; Thailand, 20,828 MT; Pakistan, 1,647 MT; China, 1,560 MT; India, 870 MT; and Japan, 320 MT.

Based on the monitoring of the Department of Agriculture of Philippines in Metro Manila markets, the retail price of imported regular milled rice ranges between P37 and P40 per kilo; imported well-milled rice, between P40 and P44 per kilo; imported premium rice, between P43 and P52 per kilo; and imported special rice, between P46 and P58 per kilo.

On the other hand, the retail price of local regular milled rice ranges between P32 and P40 per kilo; local well-milled rice, between P37 and P45 per kilo; local premium rice, between P42 and P49 per kilo; and local special rice, between P48 and P60 per kilo.