Delay in ports affects imported rice supply
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NewsTranscript
00:00The Department of Agriculture, or DA, is hopeful rice prices will decrease significantly by
00:05the second week of October.
00:08Agriculture Secretary Francisco T. Laurel Jr. attributed the expected reduction to a
00:13new executive order by President Ferdinand R. Marcos Jr. lowering import tariffs.
00:19Although older stocks with higher tariffs are still on the market and port issues are
00:24delaying imports, the DA anticipates a 5 to 7 peso drop per kilogram.
00:30There's 20 ships in Bataan waiting to be unloaded, there's Subic, Manila, Batanga, so the figures
00:41we have to wait a little.
00:43Every day that a ship, let's say, 10,000 tons capacity, 8 to 10,000 tons capacity, and demoralizing
00:52it every day is a minimum of $7,000, I think.
00:56The expected range is 5 to 7, right?
00:59So hopefully, at least 5 pesos we should be able to achieve.