The Department of Agriculture (DA) is pushing for a price ceiling on imported rice, which is currently being sold for as much as P60 per kilogram in some areas.
According to the agency, although global oil price shocks continue to affect markets, production costs remain relatively low during the ongoing harvest season.
Agriculture Secretary Francisco Tiu-Laurel Jr. noted that imported rice is being retailed at P55 to P58 per kilo, even though its price should only range between P45 and P48.
“Some increase may be reasonable, but what we’re seeing now is not justified, especially since production costs are still low,” he said in a chance interview.
Tiu-Laurel emphasized that imported rice prices should not exceed P50 per kilo.
He also raised concerns about possible profiteering, saying that certain players may be taking advantage of the situation. This prompted the DA to recommend imposing a price cap, which is currently under legal review.
Malacañang has yet to approve the proposal, as it still needs to pass through several government bodies for evaluation.
In the meantime, the DA is implementing market interventions by offering rice at P45 to P48 per kilo in select areas. These are currently available in 36 markets across Metro Manila, with plans to expand to Metro Cebu.
The proposed price cap will not apply to locally produced rice, as the government aims to help Filipino farmers maximize their earnings during the harvest season.
Meanwhile, fish prices are expected to remain stable throughout the summer due to strong supply. However, the DA is preparing for possible price increases in the coming months if continued oil disruptions in the Middle East affect supply chains.
