The Department of Agriculture (DA) on Thursday assured the immediate implementation of a PHP50-per-kg. price cap on 5 percent broken imported rice, alongside the stringent enforcement to prevent profiteering and price manipulation.
In a statement, DA Secretary Francisco Tiu Laurel Jr. said the price cap will help mitigate the impact of food inflation brought by oil price surges.
In April, food inflation alone accelerated to 6.1 percent from 2.7 percent in March, according to the Philippine Statistics Authority (PSA).
“We will implement this immediately once it takes effect to help the general public cope with rising food costs,” Tiu Laurel said.
“The DA is empowered under the Price Act and the Anti-Agricultural Economic Sabotage law to pursue hoarders, profiteers, cartels, and other market manipulators.”
The order will take effect immediately upon its publication in the Official Gazette or newspaper of general circulation.
Tiu Laurel said the National Price Coordinating Council will review the price ceiling within two weeks after implementation.
Any adjustment, extension, or removal may be recommended, depending on market conditions.
The temporary price cap complements earlier interventions of the government, including the rollout of the PHP20 per kg. rice program and the implementation of a maximum suggested retail price mechanism for imported rice.
As of Wednesday, premium imported rice in Metro Manila sells at PHP50 to PHP65 per kg., while the price of imported well-milled rice ranges from PHP48 to PHP50 per kg., and imported regular-milled rice at PHP42 to PHP43 per kg., according to the DA Bantay Presyo (Price Watch). (PNA)
