00:00Good news! As Christmas approaches, it will be cheaper to buy rice for families, according to the Agriculture Department.
00:09Why? Let's find out in this episode of Bernadette Reyes.
00:16The price of imported rice increased in this place of Oliver in Quezon City when the export ban was implemented in India in July 2023.
00:25The reason why the market in India closed is that we used to sell rice at a retail price of P65 per kilo.
00:32Our business' capital is also affected.
00:35But India has already repealed the ban.
00:37This will help in reducing the price of rice, even if the percentage of rice imported by the Philippines from India is smaller compared to Vietnam and Thailand.
00:47Rice will be free up and more people will be able to trade in the whole world.
00:52Indian rice is also cheaper compared to Vietnam.
00:56It can drive the price of international rice.
01:01According to the Department of Agriculture, in addition to increasing the supply in the international market,
01:06India is now open to export, which will help to lower the price of rice in the country.
01:12We can feel the effect of Executive Order No. 62 where the price of imported rice is lowered by 15%.
01:20It's really slow.
01:22Imagine, we were coming from P55 to P52, P50.
01:27Now, we can see P42 to P45.
01:30That's a big change.
01:31That's a very significant change in the drop in the price of rice.
01:35But we're still expecting that the price will go down.
01:37The effect of India's departure from the rice export ban will not be felt immediately.
01:41But it's possible that rice will become cheaper this Christmas.
01:45It will take another month.
01:47They will be able to save this Christmas time, this very month.
01:50Agri-Products will also monitor the stores so that no one will be able to sell,
01:55just like what happened to the millions of kilos of rice in the past.
01:58There will be no overstaying.
02:02It's good to have containers that contain agricultural commodities.
02:08More than 500 containers have been exported.
02:11There is another container that has been staying in Manila South Harbor for almost 300 days.
02:16According to the PPA, the terminal operator said that it will be endorsed by the BOC.
02:22For GMA Integrated News, Bernadette Reyes, Nakatuto, 24 Hours.
02:31.
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