Rice traders commit supply rice at affordable price

February 8, 2018

The Grains Retailers’ Confederation of the Philippines Inc. (GRECON) expressed its full support and commitment to the National Food Authority (NFA) to make rice available and affordable across the country.

GRECON National President Jaime Magbanua made the pledge in a meeting with NFA Administrator Jason Aquino on Wednesday after NFA said its current inventory of 1.2 million bags of rice may last for only a few days, a statement by the government agency said.

Aquino said its rice distribution priority is given to the Department of Social Welfare and Development (DSWD) and other relief agencies of the goernment.

It is estimated that there are about 6-10 million Filipinos who buy NFA rice.

GRECON is the biggest grains business organization in the Philippines. Its rice retailer members are among NFA’s accredited sellers of low-priced good quality rice at P27/kilogram of regular-milled rice and P32/kg of well-milled rice.

During the meeting, Magbanua vowed to police their own ranks and help in ensuring the stability of rice supply and prices in the market. “As part of our social responsibility, any price increase resulting from the new tax reform law, will be limited to the barest minimum,” Magbanua said.

A commitment of support was signed between GRECON and the NFA after the meeting.

The NFA reiterated that despite low inventory there is no rice shortage in the country as total rice stocks of 2.7 million metric tons will last for 86 days.

While there is a standby authority to import 250,000 metric tons of rice from the NFA Council, no formal instruction has been issued to NFA to proceed with the importation.  DMS