MANILA – The Department of Agriculture (DA) will have consultations with heads of large retail markets in Metro Manila next week to combat possible profiteering on imported rice.
In an interview Tuesday, DA Secretary Francisco Tiu Laurel Jr. said prices of well-milled rice in the markets should not go beyond PHP50 per kilogram, considering the tariff cut on imported rice to 15 percent from 35 percent which took effect in July.
He said importers claimed that they are selling wholesale rice at PHP38/kg, which should bring the retail price at around PHP45/kg.
Reports reaching the DA alleged that some retailers are selling rice at PHP52/kg to PHP53/kg.
“So, kakausapin namin sila. Sasabihin namin na dapat, kung medyo nagpo-profiteer kayo, gagalaw na kami (we will talk to them. We will tell them that if they are profiteering, we will immediately act) under the Price Act or we will put a Kadiwa katabi nila (beside them),” Tiu Laurel said.
Under the Price Act, violators may face charges for illegal price manipulation practices, including profiteering, hoarding, and cartels.
“We will get to the bottom of this. Millions of Filipino consumers must not suffer from the greed of the few,” he said.
Besides consultation with market heads, the Agribusiness and Marketing Assistance Service will also conduct random inspections in public markets.
As of Oct. 28, the prevailing price of imported regular-milled rice in Metro Manila is PHP42/kg to PHP48/kg; and PHP45/kg to PHP55/kg for imported well-milled rice, according to DA-Bantay Presyo (price watch).
The local regular-milled rice ranges from PHP41/kg to PHP50/kg, while the local well-milled rice ranges from PHP43/kg to PHP54/kg. (PNA)