Extension of P50-kilo price cap for imported rice urged

Agriculture Sec. Francisco Tiu Laurel Jr.

MANILA, Philippines — The Department of Agriculture (DA) is hopeful that President Marcos will approve the recommendation to extend for 60 days the P50 per kilo price ceiling for imported rice to stabilize price supply and prices.

“We need two more months because there is no harvest. If we lift the price cap, prices might increase again,” Agriculture Secretary Francisco Tiu Laurel Jr. said on Wednesday.

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“Now that the price cap has been lifted, some retailers have been raising their prices and are engaging in profiteering (in my opinion),” he added.

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READ: PH rice imports seen rising on strong demand

“Our request is to immediately release the policy to control inflation, especially at this time,” Tiu Laurel told reporters.

READ: Marcos cuts rice prices as April inflation hits 3-year high of 7.2%

According to him, implementing the price cap will help stabilize both retail prices and supply while waiting for the main harvest season to begin in August or September.

The monthlong price ceiling was imposed on May 13 by President Marcos to address unjustified rice price hikes and prevent market abuse. —JORDEENE B. LAGARE

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