THE Department of Agriculture (DA) warned on Tuesday that it could recommend the imposition of rice price caps if market prices remained high.
“Rice prices remain stubbornly high in many places,” Agriculture Secretary Francisco Tiu Laurel Jr. said in a statement, despite significant tariff cuts on imports of the staple.
Under Executive Order 62 issued by President Ferdinand Marcos Jr., duties on imported rice were slashed to 15 percent from 35 percent effective July 8.
In a recent meeting with DA officials, traders from Bulacan said that they had already lowered prices to around P38 per kilo and that current market prices were set by retailers.
“If what importers claim are correct, then retail prices of rice should be around the P45 level per kilo,” Tiu Laurel said.
Price monitoring data from the DA showed that imported well-milled rice is being sold up to P55 per kilo, while regular milled rice at 48 per kilo. Prices of local rice, meanwhile, range from P41 to P54 per kilo.
The department said that high rice prices were pressuring inflation, adding that around P9 of every P100 spent by the average Filipino consumer is used to buy rice — an amount that doubles to P18 for the poor.
Tiu Laurel ordered random inspections of public markets to determine necessary actions, including measures permitted under the Price Act of 1993.
“If prices are deemed excessive or unreasonable, the DA can recommend to the President the imposition of a price ceiling,” the department said.
The Price Act aims to protect consumers by stabilizing prices of basic goods and prime commodities. Under the law, the DA can recommend price caps for agricultural products including crops, fish, fresh meat, poultry and dairy. Practices like hoarding, profiteering and forming cartels can also be penalized.
“We will get to the bottom of this. Millions of Filipino consumers must not suffer from the greed of the few,” Tiu Laurel said.
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