MANILA — Trade and Industry Secretary Ramon Lopez said he would be proposing that a suggested retail price (SRP) be placed on well-milled rice to provide consumers with an affordable alternative to the National Food Authority’s (NFA) susbidized rice while it is in short supply.
“We’ll discuss with the Department of Agriculture (DA), rice traders, the stakeholders the feasibility of putting a suggested retail price for the basic rice,” Lopez told reporters on the sidelines of the Manila FAME 2018 Thursday.
Lopez said the Department of Trade and Industry (DTI) is exploring this move because well-milled rice is the cheapest among commercial rice varieties at around PHP39 per kilo, and the closest in price terms to NFA rice selling at PHP27 and PHP32 per kilo.
He added that the government is keen on setting the SRP at PHP39 per kilo.
Lopez noted that the government still has to study the duration of implementing SRP on well-milled rice, and should it identify specific locations for imposing SRP on basic rice.
During the joint market monitoring of DTI and DA Wednesday, the departments observed that some commercial rice varieties are selling for more than PHP60 per kilogram.
Agriculture Secretary Emmanuel Piñol said that since the government does not impose SRPs on rice, this allows retailers to set their own prices on the staple.
Prices of commercial rice have shot up since stock of NFA rice plummeted. (PNA)
