‘Rice prices remain high as retailers make a killing’

October 30, 2024 | 12:00am

MANILA, Philippines — The Department of Agriculture (DA) will convene the leaders of large markets in Metro Manila next week to discuss and address why retail prices of imported rice remain above P50 per kilo despite the softening of wholesale prices.

Agriculture Secretary Francisco Tiu Laurel Jr. said he learned in a recent meeting with rice importers that the wholesale price of imported rice has already dropped to P38 per kilo.

He said the importers noted that the retailers could be making a killing as the retail prices of rice still range between P42 and P55 per kilo, depending on whether it is a regular-milled or well-milled variety.

Tiu Laurel said that at P38 per kilo at wholesale, the retail price of rice should be around P45 per kilo.

“We will tell them that if they are profiteering, then we will be forced to act,” Tiu Laurel said yesterday, noting that the rice retail price of P50 per kilo and above for imported regular-milled and well-milled rice could be considered profiteering.

Aside from the consultation, the agriculture chief also instructed concerned DA officials to conduct random inspections of public markets to collect price data and determine necessary actions, including measures permitted under the Price Act of 1993.

“Under this law, the DA is responsible for implementing price measures on various agricultural products, including crops, fish, fresh meat, poultry and dairy,” the DA said.

“If prices are deemed excessive or unreasonable, the DA can recommend to the President the imposition of a price ceiling,” the DA added.

The DA may also consider putting up Kadiwa stores that will sell rice at a cheaper price adjacent to the markets selling high rice prices to force them to bring down their prices.

“We will get to the bottom of this. Millions of Filipino consumers must not suffer from the greed of the few,” Tiu Laurel said.

President Marcos cut rice tariffs this year to a record-low 15 percent as part of the government’s bid to pull down elevated prices of the staple in the domestic market.