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Abstract

The rising price of rice in the Philippines is attributed to economic globalization and a heavy reliance on imports, particularly from Vietnam and Thailand. Factors such as low yields, high post-harvest losses, and increased production costs contribute to the challenges faced in domestic rice production. The implications of soaring rice prices extend to inflation and the overall cost of living, affecting consumer prices and central bank policies.

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Ar-Ar Ramones
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3 views1 page

Abstract

The rising price of rice in the Philippines is attributed to economic globalization and a heavy reliance on imports, particularly from Vietnam and Thailand. Factors such as low yields, high post-harvest losses, and increased production costs contribute to the challenges faced in domestic rice production. The implications of soaring rice prices extend to inflation and the overall cost of living, affecting consumer prices and central bank policies.

Uploaded by

Ar-Ar Ramones
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Abstract

The soaring price of rice in the Philippines is closely linked to economic globalization. Despite
being a major producer of rice, the Philippines heavily relies on rice imports, particularly from
countries like Vietnam and Thailand. This dependence on imports, coupled with factors such as
low yields, high post-harvest losses, and the increasing threat of climate change, poses
challenges to rice production in the country.
The average domestic retail price of well-milled rice in the Philippines reached 43.77 Philippine
pesos per kilogram in 2022, indicating a slight increase from the previous year. The high
production costs and the lack of a direct distribution system between farmers and consumers
contribute to the increased prices. Additionally, higher costs of fuel and fertilizers can also
impact retail prices.
Economic globalization plays a role in the fluctuation of rice prices in the Philippines. Global
market forces, trade policies, and supply and demand dynamics can influence the cost of rice in
the country. For instance, disruptions in rice supply from major exporters can lead to price
shocks in the domestic market.
It is worth noting that the soaring price of rice in the Philippines has implications for inflation
and the overall cost of living. Higher rice prices can contribute to an increase in consumer prices,
putting pressure on the central bank to manage inflation.

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