by: Gelaine Gutierrez
MANILA, (PIA) — The Department of Agriculture (DA) and the Department of Trade and Industry (DTI) have announced a collaborative effort to explore innovative strategies aimed at reducing rice prices and easing the financial burden on Filipino consumers.
Agriculture Secretary Francisco P. Tiu Laurel Jr. indicated that the initial focus would be on imported rice, but emphasized that the government’s efforts would extend to other food commodities.
“Imported rice is just the beginning,” Tiu Laurel said. “We plan to cast the price net wider to include other imported food commodities like vegetables and meat, ultimately benefiting the Filipino consumer.”
DTI Secretary Cristina Roque, who also chairs the National Price Coordinating Council (NPCC), plans to convene the interagency council to review strategies for stabilizing food prices and ensuring market fairness.
“We aim to strike a balance between business sustainability and consumer protection,” Roque said. “We want the public to know that we are leaving no stone unturned in our efforts to ease the burden on Filipino consumers.”
Both agencies are currently working to determine a maximum suggested retail price (MSRP) for rice, which would enable importers and retailers to operate profitably while keeping prices reasonable for consumers.
In addition, the DA is considering declaring a national food security emergency, which would empower Tiu Laurel to release rice stocks held in reserve by the National Food Authority (NFA).
This move aims to increase supply and help lower retail prices. Tiu Laurel also serves as the chairman of the NFA Council.
Simultaneously, the DTI will review its regulations regarding the sale and labeling of manufactured goods to adapt them for agricultural commodities, particularly rice.
The rising price of rice has been a significant factor in high inflation rates throughout the first half of 2024, hindering the Bangko Sentral ng Pilipinas from reducing interest rates, which are vital for stimulating investment and generating jobs.
On average, Filipino consumers allocate nearly P10 of every P100 spent on rice, with the financial strain more pronounced for households in the bottom 30% of the income bracket.
Roque and Tiu Laurel have agreed to draft and sign a memorandum of understanding to expedite efforts to address the consistently high price of rice and, eventually, other essential commodities.
By tackling both supply and pricing issues, the government aims to stabilize the rice market and make it more affordable for consumers nationwide. (JCO/PIA-NCR)
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