Manila: The Department of Agriculture (DA) on Monday stated that the upcoming 60-day ban on rice importation should not be used as a justification for increasing retail rice prices in local markets. The agency made this announcement following a slight PHP2 per kilogram rise in retail prices observed during a joint market inspection by the DA and the Department of Trade and Industry (DTI) at Quinta Market in Manila.
According to Philippines News Agency, Agriculture Secretary Francisco Tiu Laurel Jr. urged retailers to adhere to the PHP43 per kilogram maximum suggested retail price (MSRP) for 5 percent broken imported rice. 'They cannot sell at a high cost. They should sell local rice instead and follow the MSRP, on imported rice,' he communicated in a Viber message. Laurel also mentioned his intention to investigate the source of the increased prices, as some retailers have raised their prices from PHP43 per kg to PHP45 per kg citing 'thin supply.'
DA spokesperson Assistant Secretary Arnel de Mesa reiterated that the country has a sufficient stock of rice. 'Hindi nila dapat gamitin na reason na dahil may import ban e tataas na agad (They should not use it as a reason that because of the import ban, there will be an immediate price increase),' he stated in a separate interview. Nationwide rice stocks as of July 1 stood at 2.815 million MT, comprising commercial, household, and National Food Authority reserves.
De Mesa also pointed out that premium imported rice in Metro Manila ranges from PHP42 to PHP48/kg, while local premium rice is priced between PHP46 and PHP57/kg, according to the DA's Bantay Presyo. He emphasized that the import ban is not yet implemented, and there have been significant rice imports in recent months with more expected in August.
The country has experienced a record palay (unhusked rice) harvest during the first half of the year. 'Our harvest volume is at a historic high. We have ample rice supply in the market,' de Mesa said. The Philippine Statistics Authority (PSA) reported that palay production from January to June exceeded 9.077 million metric tons, surpassing the previous record of 9.026 million metric tons in the same period in 2023, and last year's 8.53 million metric tons.
De Mesa further argued that recent price increases appear to be driven by speculation rather than actual supply shortages. 'It is ironic that the ban was imposed because of an abundance of rice in the market, yet some now claim that there is no rice supply,' he added.