Journal. [1966]

CORN: Daspite the reported shortage for cot
the National Economic Council, prices during the la;
month in review dropped by P5.50, per sack of 56 1
in Cebu City, by P3.42 in Cotabato City, by P0.06
City, and remained unchanged in Apani. Corn gri
substantial decrease in Cebu City, by P9.00, per
The Manila market remained unchanged for all f
principal factor responsible for the considerable di
South was the repoi ted bumper harvest in Cotabal
as the peiiod under review came to a close.
The trend of corn prices (sellers) in Manila
marketing centers of the country during the month
as follows:
Opening and high
Corn grain, per sack of 56 kilos:
Manila:
Red or Yellow variety... 922.00-22.40
White variety.......... 19.00-19.50
Ground (per kilo,).......... 0.45- 0.510
Other Principal Marketing Centers:
Cebu City............. 22.00
Cotabato City.......... 15.39
Davao City (per kilo)... 0.30
Aparri (per kilo)........ 0.24
Corn grits, per sack of 25 gantas:
Manila, per sack of 40
kilos.................. 19.50-20.00
Cebu City............... 28.00
The Rice and Corn Adintnistrati6on board rs
for the importation of 170.000 metric tons out of
tons certified to by the NEC as the shortage this yea
was negotiated both through private concerns anc
to-government basis.
The consummated contracts and prices are as
1. J. P. Juan & Sons, 20,000 MT at $128.93 pe
2. Commodities Expoit and Import Corporal
$129.50 per ton.
3. Singapore government, 50,000 MT at from
per ton.
4. Thailand government, 50,000 MT at from $
Taiwan's offer of 10,000 tons of rice (8,000 h
and 2,000 Mr free of charge) is being negotiated
of Foreign Affairs. The balance of 30,000 metric to
cured through government-to-government negotia
The Rice and Corn Production Coordinating
Vice President and Secretary of Agriculture and
Fernando Lopez, has selected Baliwag, Bulacan, a;

*n as certified to by rice project of Nationalist China. Baliwag was selected over Malolos
st tnree weeks of the and Gapan, Nueva Ecija, because it has 25 barlios, the lands of 21
kilos, for corn grain which are fully irrigated. It has 1,584 farm families and 93 share tenants.
i, per kilo, in Davao Seed for the project will be distributed on or before September 1, fertits also registered a lizer on or before September 5, and insecticides on or before September
sack of 25 gantas. 15. The Council also recommended that production loans amounting
Dorms of corn. The to P1,800,000 be set aside for this project.
*op in prices in the The team of three Japanese experts has selected San Rafael, Bulato still in full swing can, as the site of the projected model farm village whinch will utilize
reparation equipment and materials.
and other principal After his two-day trip to Cotabato, Col. Osmundo Mondofiedo,
i of July, 1966, was RCA Chairman-General Manager, confirmed the reported bumper
corn harvest in Cotabato. Early in the year the NEC estimated a
shortage of 150,000 metric tons for this cereal for the entire country.
Closing and Low Of this amount 20,000 metric tons of yellow corn had already been
imported from Thailand and another 10,000 had also been scheduled
P22 00-22.40 for purchase from the same country. The balance of 120,000 metric
19.00-19.50 tons of yellow corn is scheduled for importation about the end of the
0.45- 0.50 present year from the United States and Thailand. The bumper harvest
16.5.0 in Cotabato. in full swing during the month in review, accounted for
11.97 the substantial drop in prices for corn. The marked downtrend in prices
0.24 prompted Col. Mondofiedo to recommend the following steps:
0.24 "1. Peg the price of corn grain at P0.245 a kilo, shelled and P0.12
a kilo on the cob at the town level to stabilize the prices and give incentive to farmers to produce more.
19.50-20.00 "2. Release an initial P1,000,000 for corn procurement in Cota19.00 bato. One-half of the amount has been earmarked for Northern Cotab.to and the other half for Southern Cotabato.
itified the contract "3. Suspend the importation of the additional 10,000 metric tons
the 200,000 metric of yellow corn from Thailand which is scheduled to arrive in Manila
ir. The importation by the end of this month.
i on a government- "4. Make arrangements with local Farmers Cooperative and
Marketing Associations to buy for RCA the corn crop of farmer-members and non-members in interior towns and barrios."
follows: With the RCA hopeful of purchasing about 1,400,000 sacks of
tion s50000 MT t local corn, suspension of the importation of the balance of 130,000
metric tons may likely be resorted to by the Government.
$115.50 to $116.50 The initial shipment of the first importation of rice by the present
Administration arrived on July 21 aboard the S.S. Wing-On. RCA
130 to $140 per ton. Chairman Manager Mondofiedo said that succeeding shipments will
IT at current price arrive in Manila and other parts of tie Philippines every week thereby the Department after. Of the 200,000 metric tons recommended for importation, 1.0,000
ns may also be pro- metric tons were already contracted for. Of this amount 70,000 metric
Ltion. tons will be supplied by private dealers and 80,000 by Singapore and
Council, headed by Thailand on governm2nt-to-government negotiation.
Natural Resources Procurement of RCA buffer stocks of both rice and corn is imperas a site for the pilot tive if we are to head off an upswing of prices during lear. supply period

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THE JOURNAL OF THE AMERICAN CHAMBER OF COMMERCE
August, 1966

411