Price cap of P58 per kilo on rice takes effect

National

THE price ceiling of rice at P58 maximum suggested retail price (SRP) per kilo is now in effect, according to the Department of Agriculture (DA).

Agriculture Assistant Secretary and spokesman Arnel de Mesa said that changing the labels on the prices of rice started on Monday, January 20, as the prices of rice are still high even with the implementation of Executive Order (EO) 62.

The EO lowered the tariff cut of imported grains from 35% to 15%, a Philippine Star report said.

The DA and the Department of Trade and Industry (DTI) will jointly monitor rice prices in the market to ensure compliance with the suggested maximum SRP.

Local Government Units (LGUs) are also helping in the implementation of the price cap.

“The DA has no power to implement sanctions at the moment but the DTI, through their Fair Trade Enforcement Bureau and LGUs have the power to monitor and impose sanctions,” De Mesa said in the report.

Currently, imported rice prices range from P48-65 per kilo, depending on the type of rice. The retail price of imported rice reaches up to P65 per kilo; imported well-milled rice is at P52/ kilo; imported regular-milled rice is sold at P48 per kilo, and imported premium rice is up to 60 per kilo.

De Mesa, though, clarified that not all varieties of rice are covered by the suggested maximum SRP. Exempted from the price cap are glutinous rice, black rice, and red rice.

He encouraged consumers to report to the DA in case of overpricing of rice.

Meanwhile, the food security emergency declaration is expected to be signed this Wednesday after Agriculture Secretary Francisco Tiu Laurel Jr. talked to President Bongbong Marcos.

According to De Mesa, the President supported the said plan of DA, but the agency is still waiting for the signed resolution of the National Price Coordinating Council for the declaration.(LAO)