Food & Beverage

Peso Hits P63 as Rice Imports Jump 20%

The peso's slide past P63 to the dollar and a 20 percent jump in rice imports frame a day of government supply assurances, a World Food Day protest in Cebu, and a P4 gasoline rollback set against a diesel increase.

By the MMI Food & Beverage Desk

The peso's fall past ₱63 to the dollar set the terms of the day's food and consumer-goods conversation. GMA Network's flagship newscast 24 Oras told its Facebook audience on October 16 that a knock-on effect on the prices of basic products and services is expected after the currency crossed that level; the post drew 21 likes. The same day, the Department of Trade and Industry (DTI), the agency that monitors prices and supply of basic goods, said consumers need not worry about staple supply, and President Ferdinand Marcos Jr. said rice supply is sufficient with additional imports prepared ahead of a super El Niño. The peso's slide was also the subject of a Facebook post by DZBB carrying the view of Sonny Africa, executive director of the research group IBON Foundation, that the currency's fall mainly reflects a weakening economy rather than external shocks alone.

Rice import data published the same day gave the assurances a number to sit against. The Bureau of Plant Industry, the agency that tracks agricultural shipments, recorded 4.07 million metric tons of rice imports as of October 1, a 20.06 percent increase from 3.39 million metric tons a year earlier, with Vietnam supplying 2.73 million metric tons, followed by Thailand at 552,667 and Myanmar at 418,854. The Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa), the state weather bureau, warned that El Niño may intensify into a very strong one by the end of 2026 and persist into the first half of 2027, bringing below-normal rainfall, prolonged dry spells and reduced water supply. El Niño is the periodic warming of the Pacific Ocean that shifts rainfall patterns across the country; a strong episode typically means drought in agricultural areas and pressure on water and power.

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