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For the past few days we are alarming of Rice crisis now. We feel so bad since we found out that the kilo of rice now is 35 up to P48.oo as of last month. We really-really feel bad because the price of a rice now is continue to a higher price.
I think the world is facing now a rice crisis and the Philippines is scrambling to import rice to cover its shortfall.
The country produces about 90% of its rice requirement and must import up to 2.1 million metric tons to maintain its two-month inventory.
The Philippines paid about $708 per ton at a tender this month for imported rice, more than double what it paid six months ago.
The NFA, the grain purchasing arm of the government that spends billions of pesos every year subsidizing rice to the public, is now one the biggest drags on public finance, with net liabilities in 2006 of nearly P43 billion. 
