Metro Manila, Philippines – The Department of Agriculture on Monday, March 16, said it is studying the imposition of a price ceiling on imported rice at ₱50 per kilogram as the impact of the Middle East conflict cascades to the markets.
Agriculture Secretary Francisco Tiu Laurel Jr. said if the move is “legally permissible,” it will be recommended to the president as part of measures to cushion the impact of the latest big-time fuel price hike.
“The impact is already showing in rice imports,” the DA said.
“Freight rates have doubled, pushing the landed cost of the widely imported DT8 variety close to $500 per metric ton,” it said.
Tiu Laurel said the reported prices of ₱60 to ₱65 for imported rice were “bordering on profiteering.”
A price cap on local rice may be set after the harvest to prevent profiteering.
The DA said it will sell rice for ₱45 and ₱48 per kilogram.
The agency said the following were the prevailing prices of imported rice products in Metro Manila markets as of March 14:
- Imported regular milled – ₱41.50/kg
- Imported well-milled – ₱48/kg
- Imported premium – ₱60/kg
