The Market Monitor Minding the Nation's Business
Agriculture Secretary Francisco Tiu Laurel Jr. on Friday urged consumers to reject retailers selling imported rice above the P43 per kilo price cap, warning that some sellers may be exploiting the upcoming 60-day suspension of rice imports beginning today, September 1.
The P43 ceiling is the maximum suggested retail price (MSRP) for 5 percent broken imported rice set by the Department of Agriculture (DA).
“I call on consumers not to buy imported rice sold beyond the P43/kg MSRP we have imposed,” Tiu Laurel said in an interview. He added that consumers should also call out retailers who continue to sell above the ceiling.
According to the agriculture chief, traders raising prices ahead of the import suspension are simply “taking advantage” of the situation, especially since the country’s rice inventory remains sufficient.
The Bureau of Plant Industry reported that as of August 14, rice imports have reached more than 2.67 million metric tons.
“Based on our computation, good quality imported rice should only cost around P43 to P43.50/kg,” Tiu Laurel explained.
Latest monitoring by the DA’s Bantay Presyo showed premium imported rice in Metro Manila retailing between P41 and P50/kg, while local premium rice sells for P41 to P60/kg.
The DA assured the public that it will intensify market monitoring nationwide to keep rice prices “reasonable and fair” during the import suspension period.