Gov’t sets suggested retail prices for rice

Ralf Rivas

This is AI generated summarization, which may have errors. For context, always refer to the full article.

Gov’t sets suggested retail prices for rice

Gerard Carreon

Agriculture Secretary Emmanuel Piñol warns that traders who will not follow the SRPs would face jail time and a fine of up to P1 million

MANILA, Philippines – The Department of Agriculture (DA) and the Department of Trade and Industry (DTI) set suggested retail prices (SRPs) for rice to combat inflation.

The DA and the DTI made this move after meeting with stakeholders.

The following rice varieties should not be sold higher than the SRPs:

Meanwhile, the agencies did not set SRPs for special rice varieties such as red and black rice, Dinorado, Milagrosa, and Malagkit, among others.

Agriculture Secretary Emmanuel Piñol warned that those found violating the guidelines will face imprisonment of up to 4 years, a fine of up to P1 million, and revocation of permits to operate under the Price Act.

But since the SRP list was only published last Friday, October 26, agencies gave stakeholders up to two weeks to adjust their prices.

Only Metro Manila and the Greater Manila Area public markets are covered under the new policy. SRPs for supermarkets and other regions will be discussed in the coming week.

As of the first week of October, rice prices have slightly dropped week-on-week.

The average price of regular milled rice was at P49 per kilo, 0.73% down from the previous week but still higher by 16.09% year-on-year.

The average cost of regular milled rice also dropped by 0.5% to P45.87 per kilo compared to the previous week, but was still significantly higher by 20.65% compared to the same period in 2017.

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Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.