Palay traders are currently on a “buy-and-sell” spree to evade the possible dip in prices over speculations that more imported rice are arriving in the country this year.
As a result, palay prices in most provinces have been on an uptrend, allowing farmers to earn more.
While the Department of Agriculture announced last year that the country would only need to import 1.6 million metric tons (MT) of rice to address the expected shortfall in the local supply of the staple, the proposal to cut the tariffs slapped on rice imports is sending jitters to traders and millers, who are scared of getting stuck with huge inventory of higher-priced palay and rice.
The proposal is to reduce t…
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