THE Department of Agriculture (DA) will meet with market leaders amid the still elevated retail prices of rice despite the reduction in tariff on the country’s staple food.
Agriculture Secretary Francisco Tiu Laurel Jr. said he ordered DA officials to talk to importers and confirm that they were selling wholesale rice prices at P38 per kilo.
The department said traders from Bulacan told DA Undersecretary Roger Navarro and Undersecretary and Chief of Staff Alvin Balagbag that they have lowered prices to around P38 per kilo, attributing the high retail prices to rice retailers.
“So, P45 should be the retail price but some retailers are selling at [P50 to P53 per kilo]. That’s where I detected an issue that it’s not right,” Laurel told reporters on the sidelines of the Mindanao Robusta Coffee Project (MRCP) update in Bukidnon on Tuesday.
It will be recalled that President Ferdinand Marcos Jr. issued Executive Order (EO) 62 which slashed rice tariffs to 15 percent until 2028 as part of the government’s bid to bring down retail rice prices.
The DA said high rice prices weigh heavily on the consumer basket, which determines inflation.
Citing data from the Philippine Statistics Authority (PSA), the DA said around P9 of every P100 spent by the average Filipino consumer is used to buy rice, which doubles to P18 for the poor.
Meanwhile, Laurel also instructed Navarro and the Agribusiness and Marketing Assistance Service (AMAS) to conduct random inspections of public markets to collect price data and determine necessary actions, including measures permitted under the Price Act of 1993.
“Next week, that meeting will be set. We will talk to them and tell them, ‘if you’re profiteering, we will move under the price act,” he said.
The Price Act aims to protect consumers by stabilizing prices of basic goods and prime commodities. Under this law, the DA is responsible for implementing price measures on various agricultural products.
If prices are deemed excessive or unreasonable, the DA can recommend to the president the imposition of a price ceiling. The law also penalizes price manipulation through practices like hoarding, profiteering, and forming cartels.
“We will get to the bottom of this. Millions of Filipino consumers must not suffer from the greed of the few,” Laurel said.
The price of imported well-milled rice ranged from P45 to P55 per kilo while regular rice stood between P42 and P48 per kilo as of October 28, based on the DA’s latest price monitoring.
The price of local well-milled rice stood between P43 and P54 per kilo while regular rice ranged from P41 to P50, according to DA.
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