The Department of Agriculture (DA) in the Philippines has announced a new strategy to tackle price manipulation in the rice market by removing brand labels from imported rice. This decision, revealed by DA Secretary Francisco Tiu Laurel Jr., aims to prevent retailers and traders from using premium and special labels to justify inflated prices. The move comes after market visits where it was observed that some traders were misleading consumers with branded imports, leading to higher rice prices. Local rice will not be affected by this policy to safeguard the interests of local farmers and traders. The decision follows joint market inspections conducted by the DA and the Department of Trade and Industry on December 19, where high retail prices of branded rice suggested possible profiteering by some importers. The DA plans to implement this policy next year and is also considering other measures such as declaring a food security emergency to release buffer stocks from the National Food Authority and allowing the Food Terminal Inc. to import rice to compete with private importers. Additionally, the DA’s legal division has been tasked with reviewing the Price Act to address profiteering in the rice retail sector.
Philippine Agriculture Department to Strip Brand Labels from Imported Rice to Curb Price Manipulation
·
