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DA eyes SRP on rice amid rising prices

(MB FILE PHOTO)

The Department of Agriculture (DA) is currently looking into the possibility of putting a suggested retail price (SRP) on rice amid the rising prices of the country’s primary staple. 

Recently, the Philippine Statistics Authority (PSA) bared that the price of rice increased by 19.6 percent in December of last year, which was the largest increase in over 14 years. 

The statistics agency stated that this value was also the highest for 2023 since rice inflation peaked in September as a result of the imposition of a price ceiling.

“Isang pwede pa nating gawin talaga na pina-aaralan na ngayon ay ang pagtatakda ng suggested retail price na aayon sa price act kung talagang tataas pa rin lalo ang presyo ng bigas (One thing we can do that is currently being studied is the setting of a suggested retail price that will be in accordance with the price act if the price of rice continues to go up),” DA spokesperson Arnel De Mesa said during a radio interview, Saturday, Jan. 6.

DA’s Agribusiness and Marketing Service (AMAS) will be conducting consultations with all stakeholders, he said.

De Mesa explained that it is required for AMAS to conduct consultations with all stakeholders before placing an SRP on rice.

Meanwhile, the official of the agriculture department clarified that the agency will not implement a price ceiling or cap on rice.

Based on the price monitoring of the DA in Metro Manila markets last Friday, Jan. 5, the cheapest rice retail price is at P40 a kilo (Local Well-Milled). The most expensive rice sold in the metropolis costs P68 per kilo (Local Special).

On Sept. 5, 2023, Pres. Marcos, who was then concurrently heading the DA, imposed a rice price cap amid the spike of rice prices in the country. 

Marcos issued Executive Order (EO) No. 39, which stipulates that the price ceiling for standard milled rice is P41 per kilo, while well-milled rice is P45 per kilo.

It can be recalled that Marcos said during his campaign that he was aspiring to bring down the price of rice to P20 per kilo.

https://mb.com.ph/2024/1/6/da-eyes-srp-on-rice-amid-rising-prices QR Code

Published Date: January 6, 2024

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