PBBM orders DA, DTI to closely monitor rice prices

STAPLE. Local and imported rice retail for PHP46 and PHP42 per kilo, respectively, at a store inside the San Andres Market in Manila on Monday (June 26, 2023). President Ferdinand R. Marcos Jr., who concurrently serves as head of the Department of Agriculture, earlier expressed confidence that the goals set for the development of the sector are attainable while they address pressing issues such as decreasing productivity, climate change, diminishing natural resources, and changes in market trends. (PNA photo by Yancy Lim)

MANILA – President Ferdinand R. Marcos Jr. has directed the Department of Agriculture (DA) and the Department of Trade and Industry (DTI) to closely monitor the prices of rice in different markets in the country, Malacañang announced Wednesday.

While Marcos reiterated that the country has sufficient rice supply, he noticed that the rice prices are “very variable,” Communications Secretary Cheloy Garafil said in a statement.

The DA has reported that retailers are selling rice at different price points with some selling rice at PHP38-PHP40 per kilo as the cheapest while some are selling their cheapest variety at PHP50 per kilo.

Garafil reiterated Marcos’ warning to run after rice hoarders and price manipulators.

“The government is working with the private sector to rationalize the prices and make available affordable rice in the market and in Kadiwa,” she said.

“The President will go after hoarders and price manipulators who take advantage of the lean months before harvest season,” Garafil added.

In a meeting at Malacañan Palace in Manila on Tuesday, Marcos, also concurrently serving as DA chief, instructed the National Food Authority to focus on the local production of rice to augment the country’s supply.

His instruction came even after he assured the public that the country’s rice stockpile could last even after the projected El Niño next year.

On Aug. 11, DA Senior Undersecretary Domingo Sebastian said the country may soon enjoy a decrease in the prices of rice, as the government starts negotiations with Vietnam and India.