The Department of Agriculture (DA) yesterday implemented the suggested retail price (SRP) on select agricultural products.
The agency initially imposed the SRP on regular-milled rice, red onion, imported garlic, bangus (milkfish), galunggong (round scad), tilapia, among others.
Agriculture Secretary Emmanuel Piñol said a technical working group was tapped to study the actual cost of producing goods sold in the market to establish the baseline for prices.
Together with the DA, the Department of Trade and Industry (DTI) and the local government units will take charge of monitoring the proper implementation of the SRP.
Piñol said the prices of goods may only go up by a maximum of 10 percent from the SRP.
As an example, he cited price adjustment in rice, which has an SRP of P39. This means that a retailer may only sell ordinary regular milled rice not cheaper than P39, but not higher than P42.90, given the 10 percent ceiling.
Piñol, however, stressed that the SRP would vary per region as location is a factor in setting prices. Areas near ports would have lower prices of fish, while those near vegetable farms would have lower prices of vegetables.
Piñol said SRP violators may face fines ranging from P1,000 to P1 million.
The department’s initiative came after the DTI earlier had imposed SRPs on sardines, bread, milk, instant noodles, bottled water, corned beef, meatloaf, luncheon meat, soy sauce, fish sauce, candles and bath soap.