Farmers Issue Warning Over Potential Palay Price Manipulation by Traders Amid Oil Cost Surge
The farmers' group Bantay Bigas has raised an alarm that rice traders might leverage the escalating prices of petroleum products to unfairly depress palay prices during the current harvest season. Cathy Estavillo, spokesperson for Bantay Bigas, emphasized that despite the Philippines' distance from the Middle East, the economic repercussions of regional conflicts are being felt acutely, as the country is the top oil importer globally.
Economic Strain from Fuel and Food Price Increases
Estavillo highlighted that the surge in oil prices has coincided with rising costs of essential goods, exacerbating the financial burden on ordinary citizens. She pointed out that minimum wage earners are struggling, as their incomes fall short of covering daily expenses, particularly for food. This situation, she warned, could lead to families being unable to afford adequate meals due to the gradual increase in rice prices in local markets.
Monitoring Reveals Steady Rice Price Trends
Based on their latest monitoring since tensions escalated in the Middle East two weeks ago, Bantay Bigas reported the following rice prices:
- Regular milled rice: P44 to P46 per kilogram
- Well-milled rice: P47 to P49 per kilogram
- Premium rice: P52 to P55 per kilogram
Estavillo stressed that these figures underscore the need for vigilance to prevent traders from using oil price hikes as a pretext to lower palay prices, which would further harm farmers already facing economic challenges.
