The Department of Agriculture has predicted a possible P5 increase in rice prices due to low import volumes and high production costs. Rice imports fell 16.2% YoY, while retail prices rose between 19 centavos and P2.13 per kg, according to the Philippine Statistics Authority.

The retail price of rice in the Philippines is set to increase by P5 per kilo in the coming weeks, according to the country’s Department of Agriculture. The rise could be caused by high farm production costs and a lower import volume. However, the government has promised to step in to mitigate any price rises. Last year, rice imports reached almost 3.7 million metric tons, making the Philippines the world’s second-largest rice importer, but this year the volume of imported rice fell 16.2%, leading to concerns about inventory levels. The price of the staple in the world market has risen, which has led some to suggest a boost in local supplies could help lower prices. Last month, President Ferdinand Marcos Jr. vowed to lower the price of rice to P20 per kilo. At present, the average price is P25 per kilo.