Rice warehouse owners, suppliers also losing profit due to price cap | The Final Word - video Dailymotion

CNN Philippines

It's not just retailers and farmers hurting from the price ceiling for rice.  Warehouse owners and suppliers are now sacrificing costs to help retailers.  Currie Cator visited some rice storage facilities in Metro Manila and Bulacan.   Visit our website for more #NewsYouCanTrust: https://www.cnnphilippines.com/  Follow our social media pages:  • Facebook: https://www.facebook.com/CNNPhilippines • Instagram: https://www.instagram.com/cnnphilippines/ • Twitter: https://twitter.com/cnnphilippines

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00:00 owners forced to bring down their rice prices.

00:03 In the so-called intercity in Bulacan,

00:05 sacks of rice are still stored in warehouses while others are running low

00:10 on supply, just like the one we visited.

00:13 In one warehouse here in Bukawai, Bulacan,

00:16 owners have a hard time filling their storage with rice grains due to low supply.

00:20 So far, they have secured about 500 sacks

00:23 or one truck of palay worth P33 pesos per kilo.

00:27 But they still need two more trucks to start turning them into rice grains.

00:31 So owners expect a loss of at least P4 pesos

00:34 per kilo once these are sold to their consumers.

00:37 This warehouse normally sells regular meal rice for P44 pesos per kilo.

00:42 They're already losing at least P2 for every kilo as the commodity should be sold

00:47 for P46 pesos, a P5 difference from the price ceiling

00:52 of P41 pesos, excluding other miscellaneous expenses.

00:56 The boss is really trying to make us pay for it.

00:58 We're really giving them a sacrifice sale.

01:01 Everyone is still in a hurry because as you can see,

01:05 our lowest price is P11, which is P44 per kilo.

01:10 How will they sell that for P41 to P45?

01:13 Warehouse owners say they are waiting

01:15 for the harvest season by end September to recover their losses.

01:19 The cheapest palay they get for now is at around P29 pesos per kilo.

01:24 What we need is to find agents or farmers

01:29 who can give us a reasonable price for the rice.

01:32 Wholesaler Ray gets rice from Bulacan in Nueva Ecija, where he says some of his

01:37 suppliers have decided to stop operating.

01:40 He says he's just selling his remaining stocks at his store in Quezon City.

01:45 Ray already brought down the price of 25

01:47 kilos of well-mealed rice by at least P100 pesos.

01:51 A kilo is priced at P49 without the cost of other operational expenses,

01:57 but he's giving it to rice retailers at P45 to somehow help them follow the price cap.

02:03 Ray says he might close his store once he sells the remaining 500 sacks of rice tomorrow.

02:09 It's a waste of money.

02:11 It's expensive to buy.

02:13 We need to lower the price.

02:14 Even if they sell it at P900, it's still fine.

02:21 The government has promised assistance

02:23 of up to P15,000 only for rice retailers.

02:27 Kari Gator, CNN Philippines.

Rice warehouse owners, suppliers also losing profit due to price cap | The Final Word

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