In a stern warning to rice importers, Agriculture Secretary Francisco Tiu Laurel Jr. has pledged to tackle the issue of profiteering in the rice market. During a joint market inspection with the Department of Trade and Industry at the Guadalupe Public Market in Makati City, Tiu Laurel expressed concerns over the high retail prices of branded rice, suggesting that some importers might be engaging in profiteering.
Leveraging his past experience as a businessman, Tiu Laurel stated his intention to thoroughly investigate the landed costs and profit margins of these importers. He emphasized that any profit margins found to be excessively high would be addressed, specifically targeting margins that exceed a reasonable range of PHP5 to PHP7 per kilogram, which should keep branded rice prices between PHP47/kg and PHP50/kg.
Tiu Laurel also announced plans to meet with importers to identify and list brands with escalating prices, followed by tracing the owners or importers responsible. He committed to using all available legal avenues to hold those found guilty of unreasonable profiteering accountable, in cooperation with law enforcement agencies.
In addition to addressing profiteering, Tiu Laurel introduced the expansion of the P29 program, which will be available at Kadiwa ng Pangulo kiosks in public markets, LRT, and MRT stations. This initiative aims to provide affordable rice options, including PHP40/kg mixed local and imported well-milled rice and PHP29/kg aging but good quality National Food Authority (NFA) rice for disadvantaged groups such as 4Ps beneficiaries, senior citizens, single parents, and persons with disabilities.
To further extend the reach of the Rice for All and P29 programs, Tiu Laurel has enlisted the support of the Department of the Interior and Local Government Secretary Jonvic Remulla to expand these initiatives beyond Metro Manila into nearby provinces like Pampanga, Bulacan, Rizal, Laguna, and Cavite.
Lastly, Tiu Laurel acknowledged the potential benefits of declaring a ‘rice emergency,’ which would allow the NFA to sell its nearly 6 million bags of rice at flexible prices to the public, helping to mitigate the impact of high rice prices across the country.