In an effort to curb escalating rice prices and prevent profiteering, the Department of Agriculture (DA) announced plans to introduce a maximum suggested retail price (SRP) system for rice before the end of January. This decision comes in response to the observed unreasonable retail prices in various local markets across the Philippines.
Agriculture Secretary Francisco Tiu Laurel Jr. emphasized the urgency of the situation, stating that no imported rice should be sold above PHP60 per kilogram. He clarified that the upcoming SRP system is not intended to serve as a price cap but rather as a guideline to ensure fair pricing. “It’s not just a suggestion; it’s a statement that this should be the maximum price,” Tiu Laurel explained, highlighting the distinction between a suggested price and a mandatory cap.
The DA is also preparing to collaborate with several government agencies, including the Department of Trade and Industry, Bureau of Internal Revenue, National Bureau of Investigation, Philippine National Police, and Department of Interior and Local Government, to enforce accountability among importers and retailers potentially engaging in profiteering. Tiu Laurel noted that such actions could be addressed under the Price Act.
In addition to setting price guidelines, the DA aims to eliminate the use of “premium” and “special” labels on rice products. Tiu Laurel, drawing from his experience as a former brand owner, argued that these labels often mislead consumers into paying higher prices for rice that is not significantly different from other varieties. He pointed out that such labeling contradicts the actual market value based on rice types, origin, and specification percentage.
Current market data from the DA-Bantay Presyo indicates that as of January 3, the prices of local and imported regular and well-milled rice in Metro Manila range from PHP38 to PHP54 per kilogram. In contrast, rice labeled as premium or special, whether imported or local, is priced between PHP48 and PHP64 per kilogram.