FTI launches ‘Binhi’ rice brand as low-cost well-milled option

THE Department of Agriculture (DA) said Food Terminal, Inc. (FTI) has launched a brand of rice called Binhi, which is intended to introduce price competition in the market by leveraging FTI’s access to large volumes of rice and logistics advantages.

Binhi launched in February in selected markets in Metro Manila and Cebu, offering lower-priced well-milled rice.

Agriculture Secretary Francisco P. Tiu Laurel, Jr. said the government-owned food processing and logistics firm is selling Binhi for P48 per kilo in its Metro Manila outlets.

“FTI is selling this brand. It is now available in a total of 36 markets in less than a month (since launch), and there is ongoing distribution to other markets,” Mr. Laurel told BusinessWorld via WhatsApp.

Mr. Laurel said FTI plans to expand the distribution of Binhi to more markets in Metro Manila and Cebu as additional stocks arrive.

The DA said the brand is sourced from both imported and domestically produced rice.

The DA added that Planters Products, Inc. (PPI), a state-run agro-chemical trading and marketing firm, has also begun selling rice at P45 per kilo in Cebu Province, including selected markets in Danao City and Mandaue City.

The prices set by FTI and PPI are within the prevailing retail price range of P46 to P48 per kilo of well-milled rice in Metro Manila, according to DA price monitors.

However, these prices are lower than recent highs of around P50 per kilo for imported well-milled rice and about P57 per kilo for domestic well-milled rice.

Mr. Laurel said the initiative is intended to help stabilize rice prices by offering competitively priced options.

“We are creating competition so that the prices of imported rice become more reasonable. This should help consumers,” he said.

Meanwhile, the DA and the FTI said beneficiaries of the government’s P20-per-kilo subsidized rice program will continue to enjoy access to supply despite “unusually large crowds” observed at distribution sites.

“The flagship ‘Benteng Bigas, Meron Na!’ initiative — popularly known as the P20-per-kilo rice program — continues to be adequately supplied, the DA said in a statement on Sunday.

Mr. Laurel said in the statement that the National Food Authority is continuously milling rice to replenish inventories being sold at government-run KADIWA Program centers and other distribution sites managed by local government units.

The DA also urged beneficiaries not to abuse the subsidized rice program.

“We understand that the conflict in the Middle East is stoking anxiety among many Filipinos, especially those in vulnerable sectors,” Mr. Laurel said. “But acting out of panic will only worsen the situation. We have enough rice buffer and a good harvest.” — Vonn Andrei E. Villamiel