The price of rice, the Filipino staple food, has soared to P42.50 per kilo, a level seen only during periods of crisis for global rice and other commodities.
The P40/kilo level was last breached in 2008-2009 and earlier, in 1972-1973. But that was because of a global commodity crisis not only for rice, but all agricultural products. It was in turn caused by an oil price surge and the ensuing market panic. No government in the world would dare risk shortfalls in their country’s staple food, so they worsened the situation then by restricting their rice exports.
In the present case, though, it is sheer bungling by the administration of President Aquino. He has claimed, and the yellow media has duly reported, that the Philippines has achieved self-sufficiency in rice.
Aquino’s favorite punching bag, former President Arroyo saw rice prices increase in 2008-2009 because of the global commodity crisis. However, prices of the staple during President Arroyo’s term averaged P34.20 per kilo. The P42.50 per kilo of rice under Aquino today means a huge 25 percent increase.
Aquino’s appointee, National Food Authority administrator Lito Banayo in 2011 had even claimed that the previous government had "foolishly” imported so much rice and made allegations of corruption that he couldn’t prove.
The price of rice, the Filipino staple food, has soared to P42.50 per kilo, a level seen only during periods of crisis for global rice and other commodities.
The P40/kilo level was last breached in 2008-2009 and earlier, in 1972-1973. But that was because of a global commodity crisis not only for rice, but all agricultural products. It was in turn caused by an oil price surge and the ensuing market panic. No government in the world would dare risk shortfalls in their country’s staple food, so they worsened the situation then by restricting their rice exports.
In the present case, though, it is sheer bungling by the administration of President Aquino. He has claimed, and the yellow media has duly reported, that the Philippines has achieved self-sufficiency in rice.
Aquino’s favorite punching bag, former President Arroyo saw rice prices increase in 2008-2009 because of the global commodity crisis. However, prices of the staple during President Arroyo’s term averaged P34.20 per kilo. The P42.50 per kilo of rice under Aquino today means a huge 25 percent increase.
Aquino’s appointee, National Food Authority administrator Lito Banayo in 2011 had even claimed that the previous government had "foolishly” imported so much rice and made allegations of corruption that he couldn’t prove.
