The Department of Agriculture (DA) is moving forward with a maximum suggested retail price (MSRP) for imported rice, aiming to keep prices below P60 per kilogram. DA Secretary Francisco Tiu Laurel Jr. emphasized that rice prices should not exceed this threshold, signaling an end to potential profiteering in the market. The MSRP is expected to be announced before the end of the month.
This move is part of a broader effort to address high rice prices and ensure fairness across the supply chain. The DA plans to collaborate with agencies like the Department of Trade and Industry and the Bureau of Internal Revenue to enforce the price cap, which could result in penalties for those found guilty of price manipulation under the Price Act.
The MSRP will vary depending on the type and origin of rice, with costs considering international market prices, shipping, the exchange rate, and tariffs. However, some experts, including Raul Montemayor of the Federation of Free Farmers, urge the DA to ensure that the pricing cap is grounded in clear evidence, especially considering the different costs at various stages of the supply chain.
As of last weekend, the price of imported rice ranged from P40 to P65 per kg in markets in the National Capital Region, with premium varieties costing up to P65. Local rice prices are also affected, ranging from P38 to P63 per kg.
For consumers, this move is a step towards controlling rice prices and preventing unjustified hikes, with stricter measures expected to follow for violators.
