The Department of Agriculture (DA) suspects the ongoing high prices of imported rice in wet markets may be attributed to retailers.
DA Secretary Francisco Tiu Laurel yesterday said he will consult leaders of large wet markets in Metro Manila to determine why rice prices remain high in many places despite the significant tariff cuts.
In a meeting earlier this month, rice importers from Bulacan reported to Undersecretary for Operations Roger Navarro and Undersecretary and chief of staff Alvin Balagbag traders have lowered their prices to around P38 per kilogram
“If what importers claim are correct, then retail prices of rice should be around P45 per kg,” Tiu Laurel said.
Tiu Laurel also instructed the DA’s Agribusiness and Marketing Assistance Service to conduct random inspections of public markets to collect price data and determine necessary actions, including measures permitted under the Price Act of 1993.
The law empowers DA to impose ceilings when prices are deemed excessive or unreasonable, the agency said.
The Price Act also penalizes price manipulation practices like hoarding, profiteering and the formation of cartels.
Based on DA’s monitoring of public markets in the National Capital Region, the price as of last Monday of local well-milled rice is between P43 to P54 per kg and regular milled, P41 to P50 per kg.
The price of imported well milled rice is at P45 to P55 per kg, while the price range of imported regular milled rice is at P42 to P48 per kg.
Imported rice ranges from P55 to P63 for the special variety and P52 to P62 for premium.
For local rice, the special variety costs P60 per kg and premium, P52 to P58 per kg.
