Department of Agriculture (DA) Secretary Francisco Tiu Laurel Jr. said the P50-per-kilogram price cap on imported rice, currently under a 30-day price ceiling, may be extended by two months to help stabilize retail prices.
Under Executive Order No. 118 issued by President Ferdinand Marcos Jr., a price ceiling of P50 per kilogram has been imposed nationwide for 30 days on 5-percent broken imported rice, unless lifted earlier upon the recommendation of the National Price Coordinating Council.
The measure was implemented to address “unjustified price increases” and prevent market abuse, while ensuring the availability of affordable rice and maintaining market stability amid the ongoing conflict in the Middle East, which is expected to continue affecting the country until the end of the year.
Laurel, however, emphasized that the suggested retail price (SRP) may vary by region. He added that the DA has not ruled out imposing an SRP on locally produced regular and well-milled rice, although the proposal remains under further assessment.
He pointed out that stakeholders and retailers are not required by law to comply with the SRP, as it only serves as a guide for consumers regarding prevailing prices. He added that the government is carefully studying the measures to avoid adversely affecting industry players.
Earlier on Sunday, 18 May, DA Assistant Secretary Genevieve Guevarra inspected the Pasig Mega Market to ensure compliance with the P50-per-kilogram price ceiling on imported rice.
According to Guevarra, vendors at the market were complying with the government-imposed price cap. However, some retailers argued that the price ceiling could result in losses, as operating and capital costs are reportedly higher than the mandated selling price.
