MANILA, Philippines - Agriculture Secretary Bernie Fondevilla said yesterday that sugar and chicken prices will come down soon based on the latest figures on palay production and moves by the Department of Agriculture and producers to bring down prices.
According to Fondevilla, prices for prime commodities such as rice, chicken and fish will remain stable in the second quarter as these goods are expected to be in ample supply despite the drought affecting some crops and the fisheries sector.
Palay or paddy rice production for April and June is expected to reach 3.463 million metric tons, enough to supply the country’s needs for the second quarter of this year.
The suggested retail price (SRP) for chicken has been lowered to P125 per kilo and for sugar to P50 per kilo.
Agriculture Undersecretary Salvador Salacup reported to Fondevilla that palay or paddy rice production is expected to reach 3.463 million metric tons (MT) in April and June, factoring in the impact of the ongoing dry spell.
“With demand expected at 3.303 million MT in the second quarter, the 3.463 million MT projection is more than enough to cover our national requirements for the period,” Salacup reported to Fondevilla.
Chicken prices are also expected to go down following requests from producers to lower poultry reference prices so that they reflect farmgate costs.
After a stakeholders’ consultation last March 16, a new suggested retail price (SRP) of P125 per kilo for fully dressed chicken has been issued.
On the other hand, the SRP for sugar will be reduced to P50 per kilo from last week’s P52/kilo because of stabilizing supply.
“Retailers will be given time to sell their higher-priced stocks,” Salacup said.
Despite the occurrence of El Niño, the DA expects surpluses of 5,135 MT of chicken, 24,674 MT of tilapia and 47,139 MT of milkfish in the second quarter.
With the surplus, the DA expects prices of basic goods to remain stable over the next quarter, with regular-milled rice now selling for P30 per kilo in Metro Manila and tilapia and milkfish at P80 per kilo and P110 per kilo.