The Department of Agriculture (DA) is considering imposing a price cap on imported rice after flagging what it described as “unreasonable” price increases in the market.

Agriculture Secretary Francisco “Kiko” Tiu Laurel Jr. said retailers have been selling imported rice at P55 to P58 per kilo, despite estimates that prices should only be around P45 to P48 per kilo based on current costs.

“Reasonable naman yung kaunting taas dapat, but what we are seeing here is hindi reasonable yung pagtaas ng imported rice dahil ang cost niyan mababa pa today,” he told reporters.

The DA is now studying a P50-per-kilo price ceiling, although Tiu Laurel said the proposal still needs legal review before it can be recommended to President Ferdinand Marcos Jr..

While the price cap is under consideration, the agency has started selling lower-priced rice in an attempt to counter high retail prices. 

“So sa ngayon, market intervention ang ginagawa natin and we are making P48 and P45 rice available,” Tiu-Laurel said.

The DA said the proposed cap would apply only to imported rice, leaving locally produced rice outside the policy to avoid affecting farmers’ earnings during the harvest season.

Meanwhile, Tiu-Laurel said fish prices may remain stable for now due to ample supply, but warned of possible increases in the coming months if oil shocks in the Middle East continue to disrupt supply chains.