Palay prices in the Philippines inched up to P15.89 per kilo in October from P15.60 in September, following the government’s rice import ban aimed at boosting farm gate prices, according to data from the Philippine Statistics Authority.
The Philippines’ total rice inventory at the start of August was estimated at 2.32 million metric tons, up 25 percent compared to the 1.86 million metric tons recorded in the same period last year, according to the Philippine Statistics Authority (PSA).
The farm gate price of palay continued its downward spiral in July, dragged down by weakening global prices of the grain that have spurred a surge in rice imports.
President Ferdinand Marcos Jr., after consulting select members of his Cabinet, decided to suspend for 60 days the importation of rice to protect local farmers from the influx of cheap rice, said Press Secretary Dave Gomez said Wednesday.
Filipino households and businesses can look forward to significant relief at the pumps this week, with a major downward adjustment in fuel costs forecast following five consecutive weeks of mixed price trends.
Chemical maker D and L Industries Inc. is more hopeful about next year following the US midterm elections, which have raised hopes for an end to the Iran conflict, lower oil prices and a stronger peso. President Alvin Lao cited these as clear positives, though he warned that damaged supply chains, a severe El Niño and domestic political tensions remain key concerns.
AyalaLand Logistics Holdings Corp. (ALLHC) sharply improved its earnings in the third quarter, with net income of P62 million helping narrow its nine-month profit decline to 9 percent as industrial lot sales gained traction and cold storage operations expanded.
PLDT Inc. says the sliding Philippine peso is driving up costs for its information and communications technology projects, especially those that rely heavily on imported gear and materials.