MANILA – The Department of Agriculture (DA) is eyeing to implement a price cap on imported rice by the end of the month after the National Price Coordinating Council (NPCC) said it is set to submit its recommendation to adopt a PHP50 per kilogram price cap to the Office of the President.
In an interview, DA Secretary Francisco Tiu Laurel Jr. said the decision will come from President Ferdinand R. Marcos Jr.
“Hopefully by the end of the month,” Tiu Laurel said, citing that the move will help address potential profiteering amid the fuel price surges due to the U.S.-Iran conflict in the Middle East.
As of Wednesday, premium imported rice in Metro Manila sells from PHP55 per kilo to PHP63 per kilo, according to the DA Bantay Presyo (Price Watch).
The price per kilogram of imported well-milled rice, meanwhile, ranges from PHP45 to PHP49; and imported regular-milled rice, from PHP42 to PHP45.
Tiu Laurel, however, said there’s no need for a price cap for local rice amid the dry harvest season.
“Hindi masyadong wise na lagyan natin ng price cap kasi kasagsagan ngayon ng harvest. Since marami harvest ngayon, the tendency is pababa ng konti (It’s not wise to impose a price cap on local rice amid the peak harvest. Since there’s plenty of harvest, the tendency is for prices to go down),” he said.
To date, local premium rice is at PHP51 per kg to PHP60 per kg, while the prevailing prices for well-milled rice and regular milled rice are PHP45 per kg and PHP40 per kg, respectively.
Tiu Laurel also assured the continuous availability of cheaper rice varieties under the DA – at PHP48 per kg and PHP45 per kg – alongside the intensified expansion of the PHP20 per kilo rice under the Benteng Bigas Meron (BBM) Na program.
Meanwhile, Tiu Laurel said price caps on other agricultural products may depend on the price trends.
“Kung may profiteering, yes, gagawin natin iyan. Kung wala naman profiteering at iyan ang magiging value talaga along the chain, hindi natin lalagyan ng price cap (If there’s profiteering, we will do it. If none, and the value is fair along the chain, then we will not impose a price cap),” he said.
He also assured a stable supply of other agricultural commodities during the summer season, including chicken, pork and fish, among others. (PNA)