Mga magsasaka, nangangamba para sa kita kasunod ng pahayag ng Department of Agriculture... | 24 Oras

GMA Integrated News

25 Sept 202404:12

Summary

TLDRThe Philippine Agriculture Department announces a planned rice harvest in January 2025, expecting a price drop from 50 PHP to 45 PHP per kilo. Despite high local palay prices earlier this year, the industry anticipates a decrease by November due to the nearing harvest season. The Federation of Free Farmers credits the expected price drop to the upcoming harvest rather than tariff cuts. However, concerns arise over the potential negative impact on farmers' earnings and the government's obsession with lowering rice prices.

Takeaways

📅 The Department of Agriculture announced that the price of rice is expected to decrease by January 2025.
🌾 Current rice prices are at 50 PHP per kilo, but are expected to drop to 45 PHP by January.
📉 The announcement was made in relation to the lower prices of imported rice stocks.
🛒 There are still many stocks of imported rice bought at a high price, but they are running out.
📉 Local palay was bought at a high price (PHP 0 per kilo) from January to June, but stocks are also depleting.
🌾 The agricultural industry estimates that by November, there will be a shortage of local palay.
📉 The price of palay is expected to drop to PHP 3, which could lead to a decrease in rice prices.
🌾 There is an expectation of 8 to 9 million metric tons of palay to be bought, which could further decrease rice prices.
🤔 There is a question about whether the price of rice will remain low after January.
📉 The decrease in rice prices is good news for consumers but may result in lower income for Filipino farmers.
📉 The price of imported regular milled rice has dropped by 5 PHP, while local regular milled rice has only dropped by 72 centavos.

Q & A

What announcement did the agriculture department make regarding rice prices?
-The agriculture department announced that they will lower the price of rice in January, with the price expected to drop from 50 to 45 pesos per kilo.
What is Sandra Aguinaldo's estimate for the price of rice by January?
-Sandra Aguinaldo estimates that if the current price of rice is 50 pesos per kilo, it should be 45 pesos by January.
What is the current situation with the stocks of imported rice?
-There are still many stocks of imported rice, but they are gradually running out.
Why were local palay bought at a high price?
-Local palay was bought at a high price of 50 pesos per kilo from January to June of this year.
What is the expected harvest time for the upcoming season?
-The expected harvest time for the upcoming season is from October to December.
What is the estimated rice production for the coming season?
-The estimated rice production for the coming season is 8 to 9 million metric tons.
What is the expected impact of buying palay at PHP3 on rice prices?
-If the purchase price of palay is PHP3, it is expected that the price of rice will decrease.
What is the concern of the farmers regarding the lowering of rice prices?
-The concern is that the lowering of rice prices will result in reduced income for the farmers.
What is the current price movement for imported regular milled rice?
-The price movement for imported regular milled rice is Php5 increase, while local regular milled rice only decreased by 72 centavos.
What is the stance of the Sinag and Federation of Free Farmers on Executive Order 62?
-They believe that Executive Order 62, which lowered the rice tariff on imported rice, should not be credited for the expected price drop. Instead, they argue that it should be the removal of the order that is studied.
What is the reported profit of rice importers due to the tariff cuts?
-It is reported that rice importers are estimated to have earned 5 billion pesos due to the tariff cuts.
What is the call to action from the rice importers regarding the tariff cuts?
-The rice importers are calling for a reaction from the government and the Department of Agriculture regarding the tariff cuts.

Outlines

00:00

🌾 Rice Price Predictions for 2025

The Agriculture Department has announced that rice prices are expected to decrease by January 2025. Sandra Aguinaldo estimates that if the current price is PHP50 per kilo, it should drop to PHP45 by January. The decrease is anticipated due to an increase in rice stocks, including imported stocks that were bought at a high price. However, the concern is that many local palay were bought at PHP50 per kilo from January to June, which is expected to deplete by November. The industry association suggests that if the price of palay drops to PHP3, the price of rice should also decrease. The question remains whether the price of rice will remain low, as the Department of Agriculture's announcement is aimed at lowering prices, which may affect the income of Filipino farmers. The expected decrease in rice prices is seen as good news for consumers but may lead to reduced earnings for farmers. The current situation has farmers lowering the price of palay to ensure they still make a profit by the harvest time in October and November.

Mindmap

Keywords

💡Agriculture Department

The Agriculture Department is a government body responsible for overseeing agricultural policies and initiatives. In the context of the video, it announces plans to lower rice prices by adjusting import tariffs, which directly impacts local farmers and the rice market. The script mentions the department's announcement about rice prices in January, indicating its role in regulating the agricultural sector.

💡Rice Prices

Rice prices are a critical economic factor for both farmers and consumers in the Philippines. The video discusses how the Agriculture Department's policy to lower rice prices will affect different stakeholders. The script provides estimates of current and projected rice prices, such as the expectation that if rice is currently at 50 PHP, it should be 45 PHP by January.

💡Imported Rice

Imported rice refers to rice that is brought into the country from other nations. The video script discusses the impact of imported rice on local prices and the economy. It mentions that despite the high cost of locally bought palay (unhusked rice), there is an expectation that the price will decrease due to the influx of imported rice and the lowering of tariffs.

💡Palay

Palay is the term for unhusked rice, which is a crucial agricultural commodity in the Philippines. The script mentions palay in the context of high purchase prices by farmers and the potential for a price drop. It is a key element in the discussion of agricultural economics and the livelihood of rice farmers.

💡Tariff Cuts

Tariff cuts refer to the reduction of taxes imposed on imported goods, which can make these goods cheaper and more competitive. In the video, tariff cuts on imported rice are expected to lower the price of rice, which is a significant issue for local farmers who may not be able to compete with the lower prices.

💡Stocks

In the context of the video, 'stocks' refers to the inventory of rice, both imported and locally produced. The script discusses the depletion of stocks bought at high prices and the expectation of more significant stocks arriving in the coming months, which could influence the price of rice.

💡Harvest Time

Harvest time is the period when crops are ready to be collected. The video mentions that it is currently harvest time, which is when farmers sell their palay. The script implies that the price at which farmers sell their palay is being manipulated to ensure profits despite the expected price drop in October and November.

💡Farmers' Profits

Farmers' profits are the earnings that farmers make from selling their agricultural products. The video discusses concerns that the降价 of rice prices due to policy changes will negatively impact farmers' profits. The script highlights the dilemma faced by farmers who have to sell their palay at lower prices to ensure they make a profit during the harvest season.

💡Executive Order 62

Executive Order 62 is a specific government directive mentioned in the video that pertains to the reduction of rice tariffs on imported rice. The script suggests that this order is not the sole reason for the expected price drop but is part of a broader set of factors influencing the rice market.

💡Federation of Free Farmers

The Federation of Free Farmers is an organization representing the interests of farmers. In the video, this group is mentioned as opposing the lowering of rice tariffs, arguing that it benefits importers more than it benefits consumers or local farmers. The script cites their claim that the expected price drop is not solely due to Executive Order 62 but also due to other market factors.

💡GMA Integrated News

GMA Integrated News is the news outlet reporting on the story discussed in the video. The script mentions this news source as providing data on the price movements of imported and local rice, as well as the impact on farmers. It serves as a medium through which the public receives information about the agricultural sector's developments.

Highlights

Agriculture department announces rice prices will be lowered in January 2025.

Sandra Aguinaldo estimates a decrease in rice prices from PHP 50 to PHP 45 by January.

The Department of Agriculture expects lower rice prices due to increased stocks.

Imported rice stocks were bought at high prices, leading to a decrease in local palay purchases.

The agriculture industry anticipates a harvest from October to December, which may affect rice prices.

There is an expectation of 8 to 9 million metric tons of rice, which could lead to further price drops.

The price of rice is expected to naturally decrease without the need for tariff cuts.

The Department of Agriculture is questioned for its obsession with lowering rice prices.

The expected lower rice prices are good news for consumers but may result in reduced income for Filipino farmers.

Millers and traders are expected to buy lower-priced palay to achieve a PHP7 profit margin.

Farmers are currently lowering the price of palay to ensure profits during the harvest season.

Some farmers in Ilocos Norte are struggling due to the high cost of inputs.

GMA integrated news research shows a PHP5 increase in imported regular meal rice prices.

Local regular milled rice only saw a decrease of 72 centavos, while well-milled decreased by 53 centavos.

Sinag and the Federation of Free Farmers claim that Executive Order 62 is not the reason for the expected price drop.

It is suggested that the decrease in rice prices is due to the study by the FFfF from President Marcos' administration.

Rice importers are estimated to have earned 5 billion pesos due to tariff cuts.

There is a call for the government and the Department of Agriculture to react to the situation.

Sandra Aguinaldo reports on the 24 Oras news program.