Manila: The Department of Agriculture (DA) on Wednesday warned that it would issue show-cause orders against those behind the spiking rice retail prices amid a stable supply. This announcement comes as the prevailing price of premium imported and local rice in Metro Manila rose to PHP50 per kg. as of October 20, exceeding the PHP43 maximum suggested retail price (MSRP) set for 5 percent broken imported rice.
According to Philippines News Agency, DA spokesperson Assistant Secretary Arnel de Mesa has assured swift actions against those who may be taking advantage of consumers, starting Thursday or within the week. “Mag-iikot muli ang DA (The DA will go on rounds), through our Agribusiness and Marketing Assistance Service (AMAS), in coordination with the Department of Trade and Industry, and local government units,” he stated. Retail outlets found selling rice above the MSRP will be issued show-cause orders.
DA Secretary Francisco Tiu Laurel Jr. emphasized that stringent monitoring through market rounds will ensure that retail rice prices do not surge beyond PHP60 per kg., a level previously seen before the imposition of Executive Order 62. This order lowered tariffs on imported rice to 15 percent from 35 percent in June 2024. Tiu Laurel reassured that the MSRP for 5 percent broken rice will remain at PHP43 per kg., despite a diminishing supply of imported rice, as these were purchased from sources at a low price.
Currently, premium imported rice in Metro Manila is priced between PHP43 and PHP55 per kg., while local premium rice ranges from PHP40 to PHP60 per kg. The prices of imported well-milled rice are between PHP38/kg. and PHP46/kg., and imported regular milled rice ranges from PHP35/kg. to PHP45/kg. Local well-milled rice prices are pegged between PHP35/kg. to PHP51/kg., and local regular-milled rice is priced between PHP33/kg. to PHP42/kg.
Agriculture officials maintain that retail prices must remain reasonable given the sufficient stock of local rice. Tiu Laurel highlighted that the local rice industry is content as their stocks are moving, unlike before. Despite the thinning supply of imported rice, price spikes are deemed unnecessary by DA officials. The Bureau of Plant Industry data indicates that the volume of rice imports since January has reached 3.28 million metric tons as of October 16. As of September, the Philippine Statistics Authority reported a total rice inventory of 2.07 million metric tons in the country, with approximately 815,346.38 metric tons in the commercial sector.
