Photo from Philippine News Agency
Following President Ferdinand ‘Bongbong’ Marcos Jr. (PBBM)’s approval of a Php 50 per kilogram price cap for 5 percent broken imported rice, the Department of Agriculture (DA) announced it is eyeing the implementation of a Php 53 per kilogram suggested retail price (SRP) for local rice to ensure fair market prices.
In a statement, DA secretary Francisco Tiu Laurel Jr. disclosed that the order on the SRP for local rice will soon be released following consultations with stakeholders.
According to the secretary, he has already consulted with rice millers and industry groups and the common perspective is that the Php 53 per kilo is acceptable.
He cited that the SRP will help protect the public as the government moves to balance farmers’ income with consumers’ budgets: “This is not a price ceiling. It’s just a guide for consumers on fair local rice prices.”
However, the agri chief added that market players may still sell at a lower price, allowing others in the value chain to earn reasonable margins.
Despite this, he asserted that full enforcement of the P50 price cap on imported rice, which will be in place for 30 days, will begin next week, giving retailers and consumers time to adjust.
Currently, premium imported rice in Metro Manila has been priced at Php 48 to Php 65 per kilo while the price of imported well-milled rice ranges from Php 48 to Php 52 per kilo and imported regular-milled rice at Php 42 to Php 43 per kilo.
On the other hand, local premium rice was seen at Php 50 to Php 60 per kilo while local well-milled rice and regular milled rice are both at Php 50 a kilo.
Meanwhile, Grains Retailers Confederation of the Philippines (GReCon) spokesperson Orly Maluntag is calling on the Marcos Jr. administration to seriously look into the bottlenecks hounding the flow of rice supplies in the country and address this accordingly.
According to Maluntag, although the price caps are projected to stabilize prices of the country’s main staple, sustainability is the prime concern because of the volatility in market pricing and supplies due to the ongoing global energy crisis.
“Kailangan pa ring patatagin ng ating gobyerno ang mga polisiya nito kaugnay ng presyo ng mga pangunahing bilihin, partikular na ang bigas, dahil madalas na nagkakaroon ng problema sa implementation,” he pointed out.