2 publishers · first seen Thu, 29 Oct 2026 06:22 UTC · updated Thu, 29 Oct 2026 06:36 UTC
The Philippine peso reached a historic low of P64.17 per dollar, with the Department of Agriculture (DA) warning that the weakening currency will increase prices of imported goods such as rice and fertilizer. DA spokesman Arnel de Mesa said the impact on rice prices may be felt by November and December, as more pesos will be needed to buy the same volume of imports. The country has imported 4.36 million metric tons of rice as of October 22, with higher volumes expected due to the anticipated effects of El Niño.
El Niño could reduce local rice production by up to 1 million metric tons, according to DA projections. Despite rising import costs and lower local output, the government said food supplies are adequate until the end of 2026. President Ferdinand Marcos Jr. assured the public there is no need to panic, emphasizing efforts to defend the peso. The DA reiterated that both imported and local food inventories are sufficient.
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