COTABATO CITY: Ample supply of palay has brought down the prices of commercial rice in Cotabato City and Maguindanao, officials and traders said Friday.
Rice traders in Cotabato City’s mega market said prices of commercial rice are seen to slide to as low as Php26 per kilo.
Zenaida Bugatan, a rice trader, said the prices continue to slide the past three days and what used to be Php49 a kilo of 7-tonner variety in December now sells only at Php36.
The Senandomeng variety which used to cost Php51 a kilo now only sells at Php41 per kilo.
Bugatan said the average price cut was between Php10 to Php15 pesos per kilo.
”It is simply due to the law of demand and supply,” she said, adding that during the last half of 2014, rice production rose due to improved agricultural projects of the government in Region 12.
Region 12 is composed of the provinces of North Cotabato, Sultan Kudarat, South Cotabato, Saranggani and the cities of Cotabato, Kidapawan, Koronadal, Tacurong and Gen. Santos.
Also known as SOCCSKSARGEN region, Region 12 is known as the rice granary of Mindanao.
Speaking to TV Central Mindanao, Pangalian Busran, National Food Authority director for the Autonomous Region in Muslim Mindanao (NFA-ARMM), cited two reasons of price rollback of Filipino’s staple food.
Busran said NFA rice remained at Php27 per kilo for regular-milled and Php32 for well-milled.
He said ample supply of palay dictated prices of rice and the volume of NFA rice supply in public markets and NFA Bigasang Bayan.
Kadiguia Imam, a wholesale rice trader, said what used to be a Php1,900 per sack of commercial rice now only sells at Php1,400. PNA