MANILA – The Department of Agriculture (DA) is now working with the Department of Trade and Industry (DTI) to come up with the maximum suggested retail price (MSRP) on imported rice to address spiking rice prices.
This came shortly after Agriculture Secretary Francisco Tiu Laurel Jr. said a PHP60 per kilogram price level, monitored among “special” and “premium” rice labels in local markets, may be considered profiteering.
In a statement, the DA chief said the MSRP on imported rice would be the beginning of taming the price of agricultural commodities.
“We plan to cast the price net wider to include other imported food commodities like vegetables and meat, ultimately benefiting the Filipino consumer,” Tiu Laurel said.
Both agencies intend to provide rice importers and traders with a reasonable profit margin that will not subject Filipino consumers to “excessively” rising retail prices.
DTI Secretary Cristina Roque said these actions are meant to ease the burden of the public.
“We aim to strike a balance between business sustainability and consumer protection,” she said.
The DTI will also review its regulations on the sale and labeling of manufactured goods for possible adoption in rice.
As of January 6, the price of imported regular milled rice in Metro Manila ranges from PHP40/kg. to PHP48/kg., and PHP40/kg. to PHP54/kg. for imported well-milled rice, according to the DA Bantay-Presyo (price watch).
Meanwhile, local regular milled rice ranges from PHP38/kg. to PHP48/kg., and PHP40/kg. to PHP52/kg. for local well-milled rice.
However, the prices of premium and special for both imported and local rice range from PHP48/kg. to PHP63/kg.
The DA earlier said it would consider the declaration of a national food security emergency to enable the release of rice stocks under the National Food Authority (NFA) at a cheaper price level. (PNA)