The price of rice should drop to as low as P35 per kilogram due to an oversupply, according to Marikina City Representative Stella Quimbo. In a hearing of the House Murang Pagkain Supercommittee, Quimbo alleged collusion among traders and importers, blaming them for withholding stocks despite record-high inventory levels.
Quimbo pointed out that the supply-demand ratio had dropped significantly, from 82.5% in 2023 to 69%, following reduced tariffs on rice imports. This should have led to cheaper rice prices, but the Philippine Statistics Authority reports current costs remain at P49.24 for regular-milled rice, P54.64 for well-milled, and P63.72 for special varieties.
“What are they waiting for? Have mercy on Filipinos,” Quimbo pleaded, urging traders to release hoarded stocks. The National Economic and Development Authority (NEDA) supported the call, citing a clear oversupply and record-high rice stocks.
Traders and importers reportedly earned P13 billion from reduced tariffs, sparking outrage as Filipinos struggle with soaring rice prices. Quimbo insisted that immediate action is necessary to ease the public’s burden.
