MANILA: The Department of Agriculture (DA) is set to hold consultations with the heads of major retail markets in Metro Manila next week in a bid to address potential profiteering activities related to imported rice. The move comes as concerns arise over the pricing strategies employed by some retailers, which could potentially affect millions of Filipino consumers.
According to Philippines News Agency, DA Secretary Francisco Tiu Laurel Jr. expressed in an interview on Tuesday that the prices of well-milled rice should not exceed PHP50 per kilogram. This expectation is based on the recent tariff reduction on imported rice, which was lowered from 35 percent to 15 percent in July. Importers have reported selling wholesale rice at PHP38 per kilogram, suggesting that the retail price should be approximately PHP45 per kilogram.
Despite these projections, reports indicate that some retailers are selling rice at prices ranging from PHP52 to PHP53 per kilogram. Secretary Tiu Laurel emphasized the DA’s commitment to
addressing this issue, stating, “We will talk to them. We will tell them that if they are profiteering, we will immediately act under the Price Act or we will put a Kadiwa beside them.” The Price Act provides measures against illegal price manipulation, including profiteering, hoarding, and cartels.
In addition to consultations with market heads, the DA’s Agribusiness and Marketing Assistance Service plans to conduct random inspections in public markets to ensure compliance with fair pricing practices. As of October 28, the prevailing price of imported regular-milled rice in Metro Manila ranges from PHP42 to PHP48 per kilogram, while imported well-milled rice ranges from PHP45 to PHP55 per kilogram, according to DA-Bantay Presyo. The prices for local regular-milled and well-milled rice vary from PHP41 to PHP54 per kilogram.