THE Department of Agriculture (DA) reported that many retailers have failed to comply with the newly implemented maximum suggested retail price (SRP) of ₱55 per kilo for imported premium rice.
However, the DA announced a lenient approach, allowing retailers to sell existing stocks purchased at higher prices.
Agriculture Assistant Secretary and spokesperson Arnel de Mesa stated that this temporary measure aims to facilitate the transition to the new SRP. Once new rice supplies arrive, retailers are expected to immediately adhere to the ₱55 cap. This SRP, effective yesterday in Metro Manila, will be implemented nationwide on February 15.
The reduced SRP, lowered from ₱58 to ₱55 per kilo by Agriculture Secretary Francisco Tiu Laurel Jr., reflects the ongoing decline in global rice prices. Despite a 20% tariff cut, domestic rice prices have continued to climb. De Mesa expressed optimism that the SRP could further decrease to ₱49 per kilo by March.
The DA is collaborating with the Department of Trade and Industry (DTI) to ensure compliance. However, current market monitoring in Metro Manila reveals that imported rice still retails at around ₱60 per kilo, despite the SRP. The DA’s monitoring shows a price range of ₱52-₱60 for imported special rice; ₱50-₱58 for imported premium rice; ₱44-₱45 for imported well-milled rice; and ₱38-₱46 for imported regular-milled rice.
Meanwhile, former agriculture secretary Leonardo Montemayor highlighted that reselling National Food Authority (NFA) rice stocks is subject to election spending restrictions in the upcoming May midterm polls. LGUs, which typically resell NFA rice at ₱35 per kilo, are prohibited from doing so during the 45-day pre-election period, unless authorized by the Commission on Elections. De Mesa confirmed that NFA rice will be available in markets within the next week or two.
