Philippines to slash rice prices in half to aid voters amid May election campaign
The
Philippine government plans to sell some of its rice inventories at heavily subsidised prices in May as residents in the Asian archipelago turn out for midterm elections.
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The state-owned National Food Authority will sell at least 370,000 tons of ageing kernels from its warehouses at about 20 pesos ($0.36) a kilogram, about half of current market prices, Agriculture Secretary Francisco Tiu Laurel Jnr said at a press conference on Tuesday. The government wants to start subsidised sales this week, but may have to wait until after the May 12 vote depending on a ruling from the Commission on Elections, Laurel said.
The programme will cost President
Ferdinand Marcos Jnr 's government about 10 billion pesos (US$178 million) and is designed to help the poor, Laurel said. Vice-President Sara Duterte, a former Marcos ally who's considering a presidential run in 2028, has criticised the subsidies as a tool to boost the government's slate of candidates in the midterm polls.
Rice is a staple in the Philippines, and households were badly hit when prices surged to a 15-year-high in 2024. Costs have been gradually falling this year as production improves, with output in the 2024-25 season expected to hit a record, according to the
United Nations ' Food and Agriculture Organization.
A worker carries a sack of rice inside the National Food Authority warehouse in Metro Manila. Rice is a staple in the Philippines, and households were badly hit when prices surged to a 15-year-high in 2024. Photo: Xinhua
The Philippines is targeting production of 20.4 million tons of rough rice this year, up from 19.3 million in 2024. The Southeast Asian nation is likely to import 5.2 million tons of rice this year, down 1.9 per cent from a year ago, due to a forecast increase in local output and higher stock carry-over,
US Department of Agriculture data show.
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