P2 rice price hike temporaryPalace

By Kristine Angeli Sabillo

4:24 pm | Sunday, June 15th, 2014

MANILA, Philippines Malacaang on Sunday assured the public that the increase in rice prices is only temporary.
Communications Secretary Herminio Coloma Jr. said the National Food Authority (NFA) and the Department of
Agriculture attribute the P2-increase to market forces or the movement of supply and demand, which they continue
to monitor.
They believe that once harvest and planting season start, the supply of rice will increase and push down prices, the
Secretary said over the radio.
He said the DA is monitoring the prices of other agricultural crops like ginger and garlic.
NFA director for public affairs Rex Estoperez earlier said in a television interview that they expect rice prices to
increase by P2 per kilo starting June. The price is expected to go down by mid-September.


Read more: http://newsinfo.inquirer.net/611437/p2-rice-price-hike-temporary-palace#ixzz34mYVHGZw
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook
DA selling garlic from rolling stores
as it probes price hike
By Ronnel W. Domingo
Philippine Daily Inquirer
8:15 am | Sunday, June 15th, 2014

MANILA, PhilippinesThe Department of Agriculture (DA) has deployed two
trucks as rolling stores to sell locally grown garlic as it looks into the possibility
that unscrupulous traders are manipulating a price spike.
The rolling stores, carrying a total of six tons of garlic, were parked on Saturday
at the public markets in the cities of Marikina and Pasig.
The garlic was sold in six-kilogram bags at wholesale prices ranging from P100
to P200 a kilo, depending on the size of the bulbs.
The DAs Agribusiness and Marketing Assistance Service (Amas) is coordinating
with local government units to augment the supply of local garlic in major
marketplaces.
Agriculture Undersecretary and DA spokesperson Emerson U. Palad said that
the move was expected to help stabilize garlic prices since local supplies are
cheaper.
DA market monitoring showed that the price of garlic shot up to as high as P300
a kilo for the imported variety and P180 per kilo for the local variety, prompting
Agriculture Secretary Proceso J. Alcala to call for an investigation on why this
was happening.
Other [marketplaces] still have an inventory of the more expensive imported
garlic, thus, they are unable to sell the commodity to follow the trend [for local
garlic], Palad said.
He called on consumers to patronize locally grown garlic and help lower prices
as well as support local farmers.
The DA is currently reviewing the resolutions submitted last week by the National
Garlic Action Team, which are meant to ensure that if additional garlic
importation is needed, the correct volume will be imported at the right time to
avoid competition with local farmers during harvest time.
Palad said additional guidelines for the accreditation and issuance of import
permits for garlic are being crafted to ensure that these would be helpful to local
farmers.
Earlier this month, the Amas coordinated with producers cooperatives in Ilocos,
Mindoro, Nueva Vizcaya and Batanes to bring to market 435 tons of garlic.


Read more: http://business.inquirer.net/172911/da-selling-garlic-from-rolling-
stores-as-it-probes-price-hike#ixzz34mZM3OqP
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook
Inflation reaches 30-month high;
hike in interest rates seen
By Paolo G. Montecillo
Philippine Daily Inquirer
3:24 pm | Thursday, June 5th, 2014

MANILA, Philippines Consumer prices rose to its fastest rate since 2011 in
May as food became more expensive due to the damage to farmlands caused by
Super Typhoon Yolanda (Haiyan).
The Philippine Statistics Authority (PSA) showed inflation rose to 4.5 percent in
May, accelerating from 4.1 percent the month before. This was within but near
the high end of the Bangko Sentral ng Pilipinas (BSP) target range of 3 to 5
percent.
A rate hike from the BSP may no longer be impossible, Bank of the Philippine
Islands (BPI) lead economist Emilio Neri Jr. said in a note to investors following
the release of inflation data.
BSP Governor Amando M. Tetangco Jr. on Thursday took a hawkish stand,
signaling a hike in interest rates to curb consumer demand and offset higher
prices.
The BSP will not hesitate to adjust policy settings should the inflation target be
at risk, Tetangco said.
Benchmark overnight borrowing and lending rates have stood at record lows of
3.5 and 5.5 percent since October 2012.


Read more: http://business.inquirer.net/172231/inflation-reaches-30-month-high-
hike-in-interest-rates-seen#ixzz34ma5aeVM
Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook