Delay in ports affects imported rice supply

PTVPhilippines

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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.

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