In an effort to curb the escalating prices of rice, the Department of Agriculture (DA) and the Department of Trade and Industry (DTI) are jointly developing a maximum suggested retail price (MSRP) for imported rice. This initiative was announced following observations by Agriculture Secretary Francisco Tiu Laurel Jr., who noted that prices reaching PHP60 per kilogram for ‘special’ and ‘premium’ rice varieties could be considered profiteering.
Secretary Tiu Laurel emphasized that setting an MSRP for imported rice is just the beginning of a broader strategy to control the prices of various agricultural commodities. He expressed intentions to extend price controls to other imported food items such as vegetables and meat, aiming to provide relief to Filipino consumers.
The collaboration between the DA and DTI seeks to ensure that rice importers and traders maintain a reasonable profit margin without imposing excessively high retail prices on consumers. DTI Secretary Cristina Roque highlighted the dual goal of sustaining businesses while protecting consumers, stating, “We aim to strike a balance between business sustainability and consumer protection.”
In addition to setting price limits, the DTI is considering revising its regulations on the sale and labeling of manufactured goods, which could be applied to rice. Recent data from the DA’s Bantay-Presyo shows that as of January 6, the price of imported regular milled rice in Metro Manila ranged from PHP40/kg to PHP48/kg, while imported well-milled rice was priced between PHP40/kg and PHP54/kg. Local rice prices were slightly lower, with regular milled rice ranging from PHP38/kg to PHP48/kg and well-milled rice from PHP40/kg to PHP52/kg. However, both imported and local premium and special rice varieties were significantly higher, ranging from PHP48/kg to PHP63/kg.
The DA has also contemplated declaring a national food security emergency, which would allow the release of rice stocks from the National Food Authority at more affordable prices, further addressing the issue of rising rice costs.