Vendors put up a P45 sign at a box of well-milled rice at the Mega Q-Mart in Quezon City on September 3, 2023, in compliance with the implementation of a price ceiling for regular and well-milled rice in the country. Maria Tan, ABS-CBN News

Rice

Pia Gutierrez

ABS-CBN News

<img src="https://news-image-api.abs-cbn.com/Prod/editorImage/17122127320651707645271648.png" style="width: 960px;" class="fr-fic fr-dib" alt="Vendors put up a P45 sign at a box of well-milled rice at the Mega Q-Mart in Quezon City on September 3, 2023, in compliance with the implementation of a price ceiling for regular and well-milled rice in the country. Maria Tan, ABS-CBN News">Vendors put up a P45 sign at a box of well-milled rice at the Mega Q-Mart in Quezon City on September 3, 2023, in compliance with the implementation of a price ceiling for regular and well-milled rice in the country. Maria Tan, ABS-CBN NewsMANILA &mdash; Agriculture chief Francisco Tiu Laurel on Thursday said he does not expect local prices of rice to go down until June or July due to India&rsquo;s ongoing ban on rice imports.&quot;It&rsquo;s very hard to make estimates now, ang problema sa rice industry of the world, while bumaba na nang konti ang world market price, ang India meron pa rin silang export ban sa mundo sa bigas,&quot; Laurel said in a televised briefing.&quot;So until itong export ban nila ay ma-lift, I think itong prices will not yet drop considerably,&rdquo; he added.(The problem with the global rice industry is while the world market price is slightly going down, India still has an export ban on rice. So until this export ban is lifted, I think prices will not yet drop considerably.)Laurel also said that despite the ongoing harvest season, the price of palay bought by rice traders remained &quot;high&quot;.<a href="https://news.abs-cbn.com/business/2024/2/11/prices-of-rice-continue-to-rise-according-to-watch-group-1749" id="isPasted">READ: Prices of rice continue to rise, according to watch group</a> RICE IMPORTS The US Department of Agriculture earlier projected that the Philippines would import as much as 4.1 million metric tons in 2024, as it expected smaller crop production for the year.But the DA does not expect the country&rsquo;s rice imports to hit 4 million metric tons due to a projected increase in rice production year despite the El Ni&ntilde;o.Laurel said they expected local rice production to reach as much as 4.78 million metric tons.&ldquo;After naman ng El Ni&ntilde;o we expect okay naman ang harvest and hopefully ang La Ni&ntilde;a hindi kalaki ang effect&hellip; We are hoping na may konting increase ang production din natin ng rice for this year 2024,&rdquo; Laurel said.&ldquo;So yung estimate ng USDA in my opinion ay medyo mataas, I think that&rsquo;s the worst case scenario and I think hindi aabot doon,&rdquo; he said.&nbsp;(So the USDA estimate in my opinion is quite high, I think that&#39;s the worst case scenario and I think it will not reach that.) <a href="https://news.abs-cbn.com/news/2024/2/26/rice-farmers-of-looc-seek-rice-after-el-nino-destroys-crops-1011" id="isPasted"></a> <a href="https://news.abs-cbn.com/news/2024/2/26/rice-farmers-of-looc-seek-rice-after-el-nino-destroys-crops-1011">READ: Rice farmers of Looc seek rice after El Ni&ntilde;o destroys crops</a> RELATED VIDEO:&nbsp;<iframe width="640" height="360" src="https://www.youtube.com/embed/0YlV9cPGqGA?&wmode=opaque&rel=0" frameborder="0" allowfullscreen="" class="fr-draggable"></iframe>Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" id="isPasted" style=" color: rgb(60, 151, 255);" target="_blank">iWantTFC.com</a>. Watch hundreds of Pinoy shows, movies, live sports and news.

(The problem with the global rice industry is while the world market price is slightly going down, India still has an export ban on rice. So until this export ban is lifted, I think prices will not yet drop considerably.)Laurel also said that despite the ongoing harvest season, the price of palay bought by rice traders remained &quot;high&quot;.<a href="https://news.abs-cbn.com/business/2024/2/11/prices-of-rice-continue-to-rise-according-to-watch-group-1749" id="isPasted">READ: Prices of rice continue to rise, according to watch group</a> RICE IMPORTS The US Department of Agriculture earlier projected that the Philippines would import as much as 4.1 million metric tons in 2024, as it expected smaller crop production for the year.But the DA does not expect the country&rsquo;s rice imports to hit 4 million metric tons due to a projected increase in rice production year despite the El Ni&ntilde;o.Laurel said they expected local rice production to reach as much as 4.78 million metric tons.&ldquo;After naman ng El Ni&ntilde;o we expect okay naman ang harvest and hopefully ang La Ni&ntilde;a hindi kalaki ang effect&hellip; We are hoping na may konting increase ang production din natin ng rice for this year 2024,&rdquo; Laurel said.&ldquo;So yung estimate ng USDA in my opinion ay medyo mataas, I think that&rsquo;s the worst case scenario and I think hindi aabot doon,&rdquo; he said.&nbsp;(So the USDA estimate in my opinion is quite high, I think that&#39;s the worst case scenario and I think it will not reach that.) <a href="https://news.abs-cbn.com/news/2024/2/26/rice-farmers-of-looc-seek-rice-after-el-nino-destroys-crops-1011" id="isPasted"></a> <a href="https://news.abs-cbn.com/news/2024/2/26/rice-farmers-of-looc-seek-rice-after-el-nino-destroys-crops-1011">READ: Rice farmers of Looc seek rice after El Ni&ntilde;o destroys crops</a> RELATED VIDEO:&nbsp;<iframe width="640" height="360" src="https://www.youtube.com/embed/0YlV9cPGqGA?&wmode=opaque&rel=0" frameborder="0" allowfullscreen="" class="fr-draggable"></iframe>Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" id="isPasted" style=" color: rgb(60, 151, 255);" target="_blank">iWantTFC.com</a>. Watch hundreds of Pinoy shows, movies, live sports and news.

&quot;It&rsquo;s very hard to make estimates now, ang problema sa rice industry of the world, while bumaba na nang konti ang world market price, ang India meron pa rin silang export ban sa mundo sa bigas,&quot; Laurel said in a televised briefing.&quot;So until itong export ban nila ay ma-lift, I think itong prices will not yet drop considerably,&rdquo; he added.

<img src="https://news-image-api.abs-cbn.com/Prod/editorImage/17122127320651707645271648.png" style="width: 960px;" class="fr-fic fr-dib" alt="Vendors put up a P45 sign at a box of well-milled rice at the Mega Q-Mart in Quezon City on September 3, 2023, in compliance with the implementation of a price ceiling for regular and well-milled rice in the country. Maria Tan, ABS-CBN News">Vendors put up a P45 sign at a box of well-milled rice at the Mega Q-Mart in Quezon City on September 3, 2023, in compliance with the implementation of a price ceiling for regular and well-milled rice in the country. Maria Tan, ABS-CBN NewsMANILA &mdash; Agriculture chief Francisco Tiu Laurel on Thursday said he does not expect local prices of rice to go down until June or July due to India&rsquo;s ongoing ban on rice imports.

Agriculture chief Francisco Tiu Laurel on Thursday said he does not expect local prices of rice to go down until the months of June or July.

Agriculture chief Francisco Tiu Laurel on Thursday said he does not expect local prices of rice to go down until the months of June or July.

Agri chief sees no price cut on rice until June or July | ABS-CBN News

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Agri chief sees no price cut on rice until June or July

Agri chief sees no price cut on rice until June or July