Call for P50/kilo price cap on imported rice gains ground

MANILA, Philippines – The National Price Coordinating Council (NPCC) has recommended a price cap of P50 a kilo on imported rice for two more months to stabilize retail prices.

At a press briefing on Wednesday, Department of Agriculture (DA) Assistant Secretary Arnel de Mesa said the NPCC had adopted the DA’s proposal to adopt the measure for 60 days during the council’s meeting last month.

READ: Gov’t imposes 30-day cap of P50/kilo for imported rice

Article continues after this advertisement

“We have to wait for the review process of the Office of the President,” said De Mesa, concurrently the DA spokesperson.

FEATURED STORIES

BUSINESS

BUSINESS

BUSINESS

Agriculture Secretary Francisco Tiu Laurel Jr. said last week the DA had recommended the two-month price ceiling to avoid retail price hikes amid the lean months, adding that some retailers were allegedly taking advantage of the situation to raise their prices.

“Now that the price cap has been lifted, some retailers have been raising their prices and are engaging in profiteering in my opinion,” the agriculture chief said.

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

The DA said the June inflation reading justified their push for the price ceiling for 5-percent broken imported rice.

Article continues after this advertisement

READ: PH rice imports seen rising on strong demand

“The latest inflation numbers show that keeping food affordable delivers real benefits to Filipino families, especially those who spend a large portion of their income on basic necessities,” Tiu Laurel said in a statement on Tuesday.

Article continues after this advertisement

The consumer price index eased to 6.4 percent in June from 6.8 percent recorded in May, data from the Philippine Statistics Authority showed.

Food inflation slowed last month, contributing to the overall inflation, with rice inflation decelerating to 15 percent from 15.6 percent previously.

Your subscription could not be saved. Please try again.

Your subscription has been successful.

President Marcos issued Executive Order No. 118 on May 13, setting a price cap of P50 per kilogram on imported rice for one month to address unjustified price increases in rice and prevent market abuse. INQ