Manila: The Department of Agriculture (DA) has expressed confidence that rice prices will remain stable, or potentially decrease, during the 'ber' months despite a 60-day rice import ban implemented on September 1.

According to Philippines News Agency, Assistant Secretary Arnel De Mesa, a spokesperson for the DA, stated that the temporary import halt has not led to any increase in market prices. "What's good here is that despite the import ban for the first two weeks, we're not seeing a spike in prices of rice. It's a very good indication," De Mesa commented.

Further, De Mesa suggested that retail prices could continue to decrease, aligning with the Philippine Statistics Authority's (PSA) forecasted deflation for rice in the upcoming months. He cited the department's ongoing efforts to promote initiatives like Rice for All and PHP20 as measures that could contribute to price reductions.

Despite the import ban, the maximum suggested retail price (MSRP) for 5 percent broken imported rice remains at PHP43 per kilogram. As of September 10, premium imported rice prices in Metro Manila range from PHP42 to PHP52 per kg, while local premium rice is priced between PHP42 and PHP60 per kg, as reported by the DA's Bantay Presyo.

The costs of imported and local well-milled rice range from PHP40 to PHP50 per kg and PHP38 to PHP52 per kg, respectively. De Mesa attributed the rice deflation to the strong local palay (unhusked rice) harvest and a stable rice stock inventory. The country's rice inventory reached 2.32 million metric tons in August, marking the highest for the month in a decade, according to PSA data.

De Mesa also noted that record harvests in major rice-producing countries and lower international rice prices are contributing factors to the stability in rice prices.