Invest Daily Pro
  • Economy
  • Investing
No Result
View All Result
  • Economy
  • Investing
No Result
View All Result
Invest Daily Pro
No Result
View All Result
Home Top News

DA probing firm behind overstaying containers with rice

by
September 24, 2024
in Top News
0
DA probing firm behind overstaying containers with rice
0
SHARES
15
VIEWS
Share on FacebookShare on Twitter
PHILIPPINE STAR/RYAN BALDEMOR

By Kyle Aristophere T. Atienza, Reporter

THE PHILIPPINES’  Department of Agriculture (DA) on Tuesday said it’s investigating one or two companies that were likely behind the overstaying of more than 800 container vans carrying rice imports at a Manila port.

“In two weeks, we would know the details of the company — whether it’s existing or not, and whether it still has offices and personnel,” Agriculture Secretary Francisco P. Tiu Laurel, Jr.  told a news briefing at the presidential palace. He declined to name the company.

Authorities at the weekend said 888 container vans carrying 23,000 metric tons (MT) of imported rice — or 0.75% of the total supply that has entered the country this year — had been sitting at the Manila International Container Terminal for months.

Mr. Laurel said most of the containers were still within the 30-day staying period allowed by ports.

He cited the Philippine Ports Authority’s (PPA) statement on Monday that more than 300 containers had been claimed by their consignees.

He added the Customs bureau has deemed abandoned shipments that had been sitting at the port since 2022 and 2023.

PPA General Manager Jay Santiago on Monday said that by Oct. 1, they would send a report to the Agriculture department on the overstaying shipments and would ask Customs to declare these abandoned.

They may be auctioned or donated to other agencies such as the Social Welfare department, he added.

The Customs bureau at the weekend said only 630 containers of rice remained at the port, with 492 containers having been cleared for release. None of the shipments had exceeded the 30-day period, it added.

Mr. Santiago said it’s possible that importers were awaiting higher rice prices in the market before taking their shipments out of the port.

Market conditions were not favorable to importers because of government efforts to lower rice prices including the reduction in tariffs, he said.

It’s also cheaper for importers to store rice supply at government ports than to lease private warehouses, he said, citing instances when containers have stayed at the port for as long as 275 days.

The government aims to reduce rice prices by P5 to P7.

Philippine inflation eased to 3.3% last month from 4.4% in July, due to a moderate rise in food prices and a decline in transport costs, according to the local statistics agency.

The price increase of nonalcoholic beverages slowed to 3.9% from 6.4% in July, while transport prices declined by 0.2%.

Rice inflation slowed to 14.7% from 20.9%. Still, it remained the top contributor to August’s 3.3% inflation, which was within the government’s 2-4% target for the year.

ShareTweetPin

Related Posts

Have a taste of the perfect day in paradise with SULÀ Spirits
Top News

Have a taste of the perfect day in paradise with SULÀ Spirits

January 8, 2025
First months of 2025 likely rainy amid La Niña conditions, says PAGASA
Top News

First months of 2025 likely rainy amid La Niña conditions, says PAGASA

January 8, 2025
December inflation rises to 2.9%
Top News

December inflation rises to 2.9%

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
PHL end-December dollar reserves drop to $106.8B
Top News

PHL end-December dollar reserves drop to $106.8B

January 7, 2025
Next Post

PHL Senate to OK military pact with Japan by year-end

Recommended

Philippine sovereign credit rating: An ‘A’ rating, how soon?

Philippine sovereign credit rating: An ‘A’ rating, how soon?

September 22, 2024

15th Asia CEO Awards unveils 188 Circle of Excellence honorees

September 23, 2024
Q1 2025 Global PC Shipments Surge on Tariff Fears

Q1 2025 Global PC Shipments Surge on Tariff Fears

April 10, 2025
Stock Market News UK Update: FTSE 100 & 250 Rise

Stock Market News UK Update: FTSE 100 & 250 Rise

April 3, 2025

How mWell fosters women in leadership for innovation

September 24, 2024
ScalePad Appoints Chris Day as New CEO

ScalePad Appoints Chris Day as New CEO

September 5, 2024

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Prince Silver

    Prince Silver

    March 11, 2026
    Questcorp Mining Completes Induced Polarization Survey at the Marisa Zone – North Island Copper Project

    Questcorp Mining Completes Induced Polarization Survey at the Marisa Zone – North Island Copper Project

    March 11, 2026
    Byron King: Gold, Silver, Oil/Gas — Stock Ideas and Strategy Now

    Byron King: Gold, Silver, Oil/Gas — Stock Ideas and Strategy Now

    March 10, 2026
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2026 investdailypro.com | All Rights Reserved

    No Result
    View All Result
    • Home
    • Privacy Policy
    • Suspicious engagement
    • Terms & Conditions
    • Thank you

    Copyright © 2026 investdailypro.com | All Rights Reserved