(VAN) Show cause orders will be issued to retailers who sell imported rice at prices exceeding the maximum suggested retail price (MSRP) of P43 per kilo, Philippines Agriculture Secretary said in a statement on Thursday.
Agriculture Secretary Francisco Tiu Laurel Jr. Photo: INQUIRER.
Agriculture Assistant Secretary Genevieve Velicaria-Guevarra said the Department of Agriculture (DA) will send letters to four Metro Manila markets where elevated rice prices have been recorded, although she did not say where the markets were.
“We will conduct site visits to assess compliance and determine what actions may be taken if imported rice is being sold above the MSRP,” she added.
The DA’s Agribusiness and Marketing Assistance Service will inspect markets to verify reports of rising imported rice prices and monitor warehouses to evaluate current rice supply levels.
As of Oct. 22, imported regular milled rice per kilogram (kg) retailed from P35 to P45 in Metro Manila markets, lower than P42 to P48 per kg in the same period a year ago, based on the DA’s price monitoring.
The price of imported well-milled rice per kg is higher at P42 to P46 as opposed to last year’s P45 to P55.
However, the prevailing price of imported rice in some markets has exceeded the P43 MSRP set earlier by the DA.
Tiu Laurel said the increased demand for high-quality imported rice, coupled with the import freeze, has resulted in a tighter supply.
However, retail prices should remain within the MSRP for 5-percent broken rice since the supply of imported rice remains sufficient, he stressed.
He earlier informed the Senate committee on agriculture and food that the country posted an excess rice import volume of around 1.2 million metric tons (MT) last year, as traders took advantage of lower global rice prices and tariffs, and an additional 800,000 MT in the first nine months of this year.
Previously, the DA announced that it would retain the price ceiling of imported rice amid the two-month temporary ban on rice imports.
Tiu Laurel had said President Marcos would extend the moratorium until December to mitigate the losses of local farmers due to declining palay (unmilled rice) prices.
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