Manila, Philippines – The domino effect of the ongoing conflict in the Middle East is gradually being felt in the Philippines.
From rising petroleum prices, increased transportation fares, and now, price hikes are being observed in some basic commodities, particularly rice.
According to the Department of Agriculture (DA), they have been monitoring several markets where imported rice is now being sold at P60 to P65 per kilo.
As a result, the DA is now studying the legality of imposing a price cap on imported rice at P50 per kilo, in order to protect consumers from possible profiteering.
Agriculture Secretary Francisco Tiu Laurel Jr. added that the plan will also be recommended to President Ferdinand Marcos Jr. as part of the government’s measures to mitigate the impact of the oil shock in the country.
However, they do not see imposing a price cap on local rice for now, since this could affect farmers’ income during the harvest season.
Meanwhile, the DA reported that the landed cost of imported rice, particularly the DT8 variety, has already reached $500 per metric ton.
It can be recalled that the Department has already instructed its state-run firm to sell rice at P45 to P48 per kilo, starting in Metro Manila, with plans to expand to Southern Luzon, Cebu, and other major cities in the country.