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RETAIL compliance with the P50 per kilo price cap on imported rice in Metro Manila has increased to 63 percent, according to an official from the Department of Agriculture (DA).

Agriculture Assistant Secretary Arnel de Mesa said the government continues to implement the price ceiling on imported rice in coordination with other agencies and local government units (LGUs).

“Many retailers couldn’t comply with the price cap at the beginning, saying they purchased rice at a higher price,” De Mesa said.

“The good news is that in the NCR [National Capital Region], the compliance rate of retailers has increased to 63 percent,” he added.

He said the DA conducts spot checking or surprise visits in wet markets nationwide while ramping up information campaign efforts to strengthen the mandated price ceiling’s implementation.

President Ferdinand Marcos Jr. issued Executive Order (EO) 118, imposing a P50-per-kilo ceiling on 5-percent broken imported rice for 30 days.

This was issued “to address unjustified price increases, prevent market abuse, and ensure the availability of affordable rice while maintaining market stability.”

Meanwhile, De Mesa said the agency will hold a stakeholders’ consultation for the government’s bid to implement a suggested retail price (SRP) for local rice.

“The SRP will be determined in the consultation as well as when it will be implemented and for how long,” he said.

The DA official explained that price control measures tend to be effective when executed for a short period to prevent market distortion.

De Mesa said the SRP will only serve as a guide for consumers: “This is just a suggestion and will serve as a guide for our consumers on what the price should be, so that when they go to the markets, they have an idea of what the actual price is.”

Earlier, the DA announced the plan to set an SRP of P53 per kilo for local rice.

The agency consulted rice millers and industry groups to ensure that the P53 per kilo is “acceptable,” adding that market players may still sell lower to allow others in the value chain to earn reasonable margins.

Source : businessmirror