Rice retailers have agreed to a P3 to P5 profit margin per kilogram to bring down the price of the grain.
In a statement on Tuesday, Secretary Francisco Tiu Laurel Jr of the Department of Agriculture (DA) said this was the commitment obtained from rice retailers in Metro Manila in a consultation last week.
The consultation was conducted to address the high retail prices of rice in the markets despite the lowering of tariff.
The DA assured the government will directly connect market vendors with importers or traders to streamline the supply chain.
The DA said in an inspection on Monday, agency officials found Murphy Public Market, Mega Q-mart, and Kamuning Public Market in Quezon City are now offering regular and well-milled rice at P42 to P45 per kilo which is in compliance to the agreement.
The DA reiterated its commitment to intensifying price monitoring efforts to ensure regular and well-milled rice remains affordable.
“We will continuously meet with all stake holders in a timely manner from farmer groups to processors trader/ importer and retailers to ensure we have stable prices for all within the rice value chain” Tiu Laurel said.
