The Department of Trade and Industry (DTI) said it will review existing regulations concerning price tags on manufactured goods and adapt them for agricultural commodities, particularly rice.

Trade Secretary Cristina Roque made the announcement as her department collaborates with the Department of Agriculture (DA) to explore "creative ways" to reduce rice prices to more reasonable levels and alleviate the financial burden on Filipino consumers.

The elevated price of rice has contributed to high inflation throughout the first half of 2024, preventing the Bangko Sentral ng Pilipinas from lowering interest rates, which are crucial for stimulating investments and generating jobs.

On average, Filipino consumers spend nearly P10 of every P100 on rice, with the burden even greater for households in the bottom 30 percent of the income bracket.

Sec. Roque and Agriculture Secretary Francis Tiu Laurel have agreed to draft and sign a memorandum of understanding to expedite efforts to address the persistently high price of rice and, eventually, other essential commodities. By tackling supply and pricing issues, the government aims to stabilize the rice market and make it more affordable for consumers nationwide.

Meanwhile, Tiu Laurel said the DTI and DA’s collaboration will focus on imported rice but stressed that the government’s efforts would extend beyond that.

“Imported rice is just the beginning,” the DA chief said.

"We plan to cast the price net wider to include other imported food commodities like vegetables and meat, ultimately benefiting the Filipino consumer,” he added.

Sec. Roque, who also chairs the National Price Coordinating Council (NPCC), said she would soon convene the interagency council to review strategies aimed at stabilizing food prices and ensuring fairness in the market. The DA is also part of the NPCC.

“We aim to strike a balance between business sustainability and consumer protection,” Sec. Roque said. “We want the public to know that we are leaving no stone unturned in our efforts to ease the burden on Filipino consumers.”

Both agencies are in the process of determining a maximum suggested retail price (SRP) for rice. The goal of the collaboration is to allow rice importers and retailers to operate profitably while ensuring that consumers are not subjected to excessively high prices.

In parallel, the DA is considering declaring a national food security emergency, granting Sec. Tiu Laurel the authority to release rice stocks held in reserve by the National Food Authority (NFA), helping to increase supply and bring down retail prices. The DA secretary also chairs the NFA Council.

Last week, Tiu Laurel said they plan to remove brand labels on imported rice to combat alleged price manipulation in local markets.

He said the measure will cover “premium” and “special” imported rice labels that are being used to justify the increase in prices.

"After conducting a series of market visits, we now have reason to believe that some retailers and traders are intentionally confusing Filipino consumers with branded imports to justify the high prices of rice," he said.

The DA Secretary assured that local rice would be exempted from the brand label removal to protect farmers and traders.