THE P50-per-kilogram price cap on imported rice will likely be extended beyond 30 days, Agriculture Secretary Francisco Tiu Laurel Jr. said.
“[T[here is a good chance that the price cap may be extended for another month or two," he said, noting that domestic prices could stay high for the rest of the year.
President Ferdinand Marcos Jr. last week ordered that prices of five-percent broken imported rice be capped at P50 per kilo for 30 days.
DA officials said the price ceiling would protect consumers from profiteering and help stabilize domestic rice prices amid inflationary pressures.
The department also warned rice importers, traders, and retailers about the consequences of violating the P50-per-kilo price cap.
Rice is legally classified as a basic necessity, it noted making the staple subject to regulation during times of excessive or unreasonable price hikes.
Under the Price Act, violators of government-imposed price ceilings face fines ranging from P5,000 to P1 million, imprisonment for one to 10 years or both.
Aside from criminal action, the DA can also impose administrative penalties including the temporary or permanent closure of facilities, confiscation of goods and the suspension or revocation of permits and licenses.
Administrative fines ranging from P1,000 to P1 million can also be imposed and employees of companies found violating the price ceiling may face personal liability.
“Unlike the previous maximum suggested retail price, [which] depended largely on moral suasion and voluntary compliance, the mandated price ceiling now allows the Department of Agriculture to impose punitive sanctions and fines on violators,” Tiu Laurel said.
The DA added that monitoring teams and inspectors would intensify inspections during the 30-day implementation period.
As for locally produced rice, Tiu Laurel said that suggested retail prices (SRPs) could be issued, with P53/kilo likely for Metro Manila.
"The P53 per kilogram that I was talking about is probably just for Metro Manila. But for Mindanao, it's different, they're farther from rice producing [areas] so [prices] may be a little higher," he said.
Tiu Laurel said the DA was finalizing its figures and would consider the potential effects of SRPs on rice industry stakeholders. GISELLE JORDAN
