The Department of Agriculture will meet the presidents of large markets in Metro Manila next week to determine why rice prices remain stubbornly high in many places, despite President Ferdinand Marcos, Jr.’s significant tariff cuts on the staple food.
In a recent meeting organized by Agriculture Secretary Francisco P. Tiu Laurel, Jr. with rice importers from Bulacan, traders told DA Undersecretary for Operations Roger Navarro, and Undersecretary and Chief of Staff Alvin Balagbag that they have lowered prices to around P38 per kilo, attributing the high retail prices to rice retailers.
Executive Order 62 issued by President Marcos cut tax on imported rice to 15 percent from 35 percent effective July 8 to bring rice prices down. High rice prices weighs heavily on the consumer basket that determines inflation. According to the Philippine Statistics Authority, around P9 of every P100 spent by the average Filipino consumer are used to buy rice—an amount that doubles to P18 for the poor.
Sec. Tiu Laurel cited the need to consult with market leaders to uncover the reasons behind the still elevated rice prices. “If what importers claim are correct, then retail prices of rice should be around the P45 level per kilo,” he said.
Aside from the consultation, the DA chief also instructed Usec. Navarro and the Agribusiness and Marketing Assistance Service to conduct random inspections of public markets to collect price data and determine necessary actions, including measures permitted under the Price Act of 1993.
The Price Act aims to protect consumers by stabilizing prices of basic goods and prime commodities. Under this law, the DA is responsible for implementing price measures on various agricultural products, including crops, fish, fresh meat, poultry, and dairy. If prices are deemed excessive or unreasonable, the DA can recommend to the President the imposition of a price ceiling.
Additionally, the Price Act penalizes price manipulation through practices like hoarding, profiteering, and forming cartels.
Sec. Tiu Laurel stressed the department’s commitment to address these issues. “We will get to the bottom of this. Millions of Filipino consumers must not suffer from the greed of the few,” he said. ###
