Drop of the price of local rice next year possible, due to the removal of quantitative restrictions on rice imports.
According to the National Economic and Development Authority, a drop of 7 pesos in the price of well-milled rice and 5 pesos for farm gate price once remove the Q.R for rice imports in July.
Announced by NEDA director-general and socioeconomic planning secretary Ernesto Pernia that the restriction on the importation of rice would help the ease of transport and will ensure food security even at its low price for the poor.
Food inflation sticks at 3.5 percent since November after breaking the five consecutive months of rising prices of rice.
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