Manila: To address the unreasonable retail prices of rice in some local markets, the Department of Agriculture (DA) is set to establish a ‘maximum suggested retail price (SRP) system’ before the end of January. In an interview on Monday, Agriculture Secretary Francisco Tiu Laurel Jr. said there should be no imported rice being sold at PHP60 per kg.

According to Philippines News Agency, the DA is working on defining the maximum suggested retail price for rice. However, the DA chief clarified that the system will not act as a price cap on retail rice. Tiu Laurel explained that the proposed system is not just a suggestion but a guideline for the maximum price of rice, though it will not enforce a strict cap. He further noted that selling rice at PHP60/kg could be considered profiteering.

To address potential profiteering, the DA plans to collaborate with the Department of Trade and Industry (DTI), Bureau of Internal Revenue (BIR), National Bureau of Investigation (NBI), Philippine National Police (PNP), and Department of Interior and Local Government (DILG). Tiu Laurel mentioned that the profiteering issue might be covered under the Price Act, and these discussions aim to find remedies.

Additionally, Tiu Laurel emphasized the DA’s intention to remove ‘premium’ and ‘special’ labels from rice to prevent profiteering. He argued that these terms mislead consumers into paying higher prices without corresponding quality differences. Tiu Laurel, drawing from his experience as a former brand owner, highlighted that labels often attract consumers to spend more despite the lack of actual quality differences.

As of January 3, local and imported regular and well-milled rice in Metro Manila were priced between PHP38/kg and PHP54/kg, according to the DA-Bantay Presyo. In contrast, premium and special-labeled rice ranged from PHP48/kg to PHP64/kg.