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A rice retailer in Las Piñas City passes a receipt and change through a tiny service window—an everyday exchange that now reflects a much bigger national balancing act over rice supply and prices. Behind the counter, each sale sits within a wider effort to steady grain availability, as Agriculture Secretary Francisco Tiu Laurel Jr. stresses the urgency of securing reliable imports from Vietnam, the Philippines’ main rice supplier. A one-year agreement covering 1.5 million metric tons is in place, aiming to keep shipments flowing without interruption through April 2027. The P50-per-kilo price cap on imported rice could be extended for up to 60 days, the Department of Agriculture said at the weekend.

THE P50-per-kilo price cap on imported rice could be extended for up to 60 days, according to the Department of Agriculture (DA).

Agriculture Secretary Francisco Tiu Laurel Jr. said the lingering effects of the global oil crisis could last until year-end, prompting an extension to the 30-day price cap on foreign rice supplies.

“Even if the crisis is over, its effects are not limited to 30 days. It might affect us until the end of the year, so there’s a good chance that the price cap may be extended for another month or two,” Tiu Laurel recently told reporters on the sidelines of a World Bank-backed program launch.

President Ferdinand Marcos Jr. has issued Executive Order (EO) 118, which imposes a P50-per-kilo ceiling on 5 percent broken imported rice for 30 days. It is set to lapse on June 13.

The measure was issued to curb “unjustified retail prices” that reached a high of P60 per kilo despite easing global rice costs and reduced import tariffs.

Under EO 118, the National Price Coordinating Council (NPCC) will conduct a periodic review of the price cap every 15 days to determine whether it should be continued, adjusted, or lifted.

Price cap violation

Meanwhile, the DA warned rice retailers, traders, and importers that violators of the price ceiling on imported rice could face jail time, million-peso fines, and business closures under the law.

“Unlike the previous maximum suggested retail price that depended largely on moral suasion and voluntary compliance, the mandated price ceiling now allows the DA to impose punitive sanctions and fines on violators,” Tiu Laurel said.

Republic Act (RA) 7581 or the Price Act stipulated that those who violate a price ceiling on basic necessities may face imprisonment of up to 10 years, fines ranging from P5,000 to P1 million, or both, depending on the court’s discretion.

With rice classified as a basic necessity under the law, the DA said it provides them with the regulatory powers during periods of excessive or unreasonable price increases.

The agency said it may also impose administrative sanctions under the implementing rules of the Price Act.

These include temporary or permanent closure of establishments, confiscation or seizure of products involved in the violation, suspension or revocation of permits and licenses, and the issuance of cease-and-desist orders.

Administrative fines ranging from P1,000 to P1 million could also be imposed on erring establishments, according to the DA.

It added that officers or employees of corporations found violating the price cap may be held personally liable.

As such, the DA said monitoring teams and inspectors will intensify checks in public markets, supermarkets, and rice retail outlets nationwide during the 30-day implementation period. 

Source : businessmirror