DTI, DA fusion averts rice woes

DTI, DA fusion averts rice woes | Daily Tribune

The Department of Agriculture (DA) and Department of Trade and Industry (DTI) have combined forces to keep prices of the staple Filipino grain reasonable.

The government has launched a nationwide rice price monitoring to assess the impact of the rice tariff reduction across the entire supply chain, from importers to retailers.

According to a news release on Saturday, the DTI, in cooperation with the DA, launched the extensive price monitoring initiative, which covers a wide range of retail markets, including supermarkets, hypermarkets, and grocery stores under the DTI’s jurisdiction, as well as wet markets under the DA’s purview.

The grains outlook is improving, however, as Tokyo-based think tank Nomura Global Markets Research said India may relax a ban on rice exports in the coming months due to expectations of a good harvest, ample rice buffer stocks, and softening rice price inflation.

Such a move from New Delhi will greatly benefit Philippine government efforts to bring down prices, according to the report.

Malacañang’s Executive Order (EO) 62, issued in June, reduced the tariff on imported rice from 35 percent to 15 percent, along with tariffs on other agricultural products.

Data-driven monitoring

“Recognizing rice as a staple of the Filipino diet, the DTI is steadfast in the rigorous monitoring and analysis of rice price fluctuations. These data-driven reports will inform policymakers’ decisions to ensure a stable rice supply, distribution, and pricing,” Trade and Industry Secretary Fred Pascual said.

Pascual is the chairperson of the National Price Coordinating Council as provided in Republic Act (RA) 7581, or the Price Act, as amended by RA 10623.

The DTI chief said the extensive price monitoring initiative covers a wide range of retail markets, including supermarkets, hypermarkets and grocery stores under the DTI’s jurisdiction, as well as wet markets under the DA’s purview.

The initiative builds upon similar efforts that began last year following EO 42, which directed the DTI to continue assisting the DA in monitoring prices after the lifting of EO 39’s temporary price ceilings.

Composed of agency heads and representatives from consumer, agricultural, trading, and manufacturing sectors, the NPCC plays a crucial role in coordinating national efforts to stabilize and control the prices of essential goods and prime commodities.

Pascual commended members of Congress for their unwavering support in maintaining price stability and food security for Filipinos, specifically Speaker Martin Romualdez for recognizing the DTI’s vital role in strictly monitoring prices and evaluating the impact of the reduced rice tariffs.

“We at the DTI deeply appreciate the tireless work of the legislators in holding price manipulators and violators accountable. Their actions align perfectly with our mission to empower and care for consumers while fostering fair competition for legitimate businesses,” Pascual said.