Rice prices may soar to 65 pesos, more than triple the promised 20 pesos per kilo by the president.
And as Currie Cator reports, the cheapest rice is already at 50 pesos in one wet market.
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And as Currie Cator reports, the cheapest rice is already at 50 pesos in one wet market.
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NewsTranscript
00:00 Kuya bakit ang laki na tumaas?
00:03 '48 lang yung nakaraan ah, ba't na ngayon 50 na.
00:06 Badet was surprised to see a kilo of rice selling for 50 pesos.
00:11 She gets the local well-made rice Sinandoming,
00:14 cheaper than the imported variant she used to buy.
00:17 Tumaas, bumipat ako doon sa mas mura, pero tumaas din.
00:21 Di ganun din pala.
00:23 At Mega Q Mart in Quezon City,
00:25 almost all stalls are selling rice for 50 pesos at the lowest.
00:29 Only one has rice at 48 pesos,
00:32 but the vendor says it was already an old stock.
00:35 Wet Market vendor Betty is planning to raise the price of well-milled rice further,
00:40 from 50 to 53 pesos.
00:42 She only earns about 50 pesos for every 25 kilos of rice sold.
00:47 Nung nakaraang araw, may 48 pa kami.
00:51 Pero kasi doon sa kinukunan, araw-araw ang taas ng bigas.
00:56 Here at Kamuning Market, there are still types of rice that cost 45 pesos per kilo.
01:01 But some vendors say they actually need to hike their prices to 50 pesos.
01:06 The Federation of Free Farmers says
01:08 rice prices could skyrocket to 60 to 65 pesos per kilo due to low supply.
01:14 The country lacks 750,000 metric tons,
01:17 or 21 days' worth of supply for September.
01:20 Eh dahil nga kukunti yung supply,
01:22 nagkakaroon ng parang bidding war among the traders.
01:26 Pero meron din parang breaking point yan.
01:30 Beyond that price, baka magre-react na negatively yung market.
01:36 So palagay ko the traders now are testing the waters.
01:42 The price of palay has gone up to 32 pesos per kilo from traders.
01:46 That's expected to double once turned into rice grains and sold in the markets.
01:52 Yung nabibenta ng 50 or below 60 pesos ngayon diyan,
01:56 possibly nabili yung palay at a lower price.
01:59 Pero yung nabili ngayon at 32,
02:02 maybe in two weeks' time, lalabas yan sa palengke 60 to 65.
02:07 Lesser imports as well, with India imposing an export ban
02:11 affecting rice prices from other countries.
02:14 The Food and Agriculture Organization of the United Nations
02:18 saw an increase in rice export prices by 2.8 percent in July,
02:23 the highest since September 2011.
02:25 But for Neda...
02:27 We do think that so far the market for rice is not that tight.
02:38 If there will be a shortage,
02:41 we would be in a position to bring in additional imports.
02:47 They make it appear that there is no problem.
02:50 But what they are talking about is the stock level at the end of the year.
02:55 Sigurado naman katatapos lang ng ani ng October-November.
02:59 Tess, a kakanin vendor, says...
03:02 Sabi 20 pesos nung nakaraan, yun ang sinahano.
03:05 Kaya parang wow, sabi ka maganda.
03:08 Hindi, lalong nagdoble.
03:10 Paano pa namin magkano na lang ang aming kikitahin?
03:14 Kari Gator, CNN Philippines.