MANILA, April 19 (Xinhua) -- Philippine President Ferdinand Romualdez Marcos on Wednesday expressed optimism that rice prices in his country will remain stable amid concerns of a possible deficiency in rice supply.

"We have enough supply (of rice), and we'll be able to keep the prices stable," Marcos told reporters at an event held in Bulacan province, north to Metro Manila.

Marcos said his government is closely watching the rice situation, noting the possibility of the supply "thinning out" if typhoons batter the country and the El Nino weather phenomenon affects the harvests.

The Philippines is still open to importing rice to beef up the supply in case that natural calamities strike and affect the yield, Marcos added. "We may have to import. We're keeping that option open."

According to the Department of Agriculture's supply outlook, the Southeast Asian country's total supply is at 16.98 million metric tons, sufficient to cover this year's demand estimated at 15.29 million metric tons, leaving the country with an ending balance of 1.69 million metric tons, equivalent to 45 days of buffer stock, instead of the 90-day ideal buffer stock to stabilize the price of rice.

However, a farmer federation warned of a possible deficiency in rice supply during the lean months starting July, which could lead to higher prices. Enditem

Related

Go to Forum >>0 Comment(s)