Over half a billion pesos worth of rice is currently stalled at the Port of Manila, raising concerns about a potential artificial price increase for consumers.
According to the Philippine Ports Authority (PPA), more than 700 shipping containers of rice, valued at approximately P555 million, are awaiting pickup at the Manila International Container Terminal (MICT) and the Manila South Harbor.
PPA General Manager Jay Santiago suspects traders may be intentionally holding back shipments, anticipating a rise in market prices, despite the containers having cleared customs for over 20 days. This delay could harm the rice supply in the Philippines, leading to increased retail prices, as Santiago noted the unusually long storage time for rice containers compared to other goods.
Agriculture Secretary Francisco Tiu Laurel Jr. emphasized the urgency of addressing these delays to mitigate costs that might ultimately be passed on to consumers, urging the PPA to expedite the movement of these essential imports.
Source: PhilNews24 | September 20, 2024
