PBBM: Harvest in 3 provinces to stabilize rice prices

By Charles Dantes

PRESIDENT Ferdinand Marcos Jr. on Friday said that the government is keeping an eye on the country's rice supply to stabilize its price as he looked forward to the start of the harvest in major riceproducing provinces.

In a video message, Mr. Marcos, who is also the concurrent chief of the Agriculture Department, said the government is closely watching the production of palay (unhusked rice).

“We are closely monitoring the rice supply and its prices after we received news that harvesting has started in Nueva Ecija, Isabela, and North Cotabato,” President Marcos said.

He stressed that the government will keep tabs on the rice prices and vowed that it will stabilize once there is enough rice supply and reserve.

“We will watch it closely to ensure that it will happen,” he said. In a previous statement, the President reassured the country that despite the threat of El Niño and typhoons, local rice supply is still enough.

DOE: Gas, kerosene prices seen rising next week, but not diesel

By Alena Mae S. Flores

GASOLINE and kerosene prices will go up again next week by as much as P1.20 per liter, industry sources said.

This will be the sixth consecutive weekly price hike for gasoline at P0.90 to P1.20 per liter and the seventh for kerosene at P0.40 to P0.70 per liter.

Diesel prices, however, may not move or may even have a possible rollback of P0.20 per liter based on the four-day benchmark Mean of Platts Singapore trading and foreign exchange movement.

By Othel V. Campos

The Department of Energy confirmed next week's mixed oil price movement.

DOE Director for the Oil Industry Management Bureau Rodela Romero said despite the outlook issued by the S&P Global Platts of a possible increase in the next two months, the day-to-day developments in the international oil market give the actual movements of the price.

"For the 4-day MOPS trading, there might be a mixed movement for the prices of petroleum products," Romero said.