P45 max imported rice SRP takes effect today

To ensure retailers' compliance, Agriculture Secretary Francisco Tiu Laurel Jr. will lead a market inspection in Quezon City today—the first day of effectivity of the P45 per kilo maximum suggested retail price (SRP) on imported rice.

- By BELLA CARIASO

Trade and Industry Secretary Cristina Roque, city officials and police will accompany Tiu Laurel during the market visit.

The max SRP on imported rice started with P58 per kilo on Jan. 20, followed by P55 per kilo on Feb. 5, P52 per kilo on Feb. 15 and P49 per kilo on March 1.

Tiu Laurel was forced to implement max SRP on the grains amid the failure of Executive Order No. 62 to significantly bring down the retail price. EO 62 lowered the tariff on imported staple to 15 percent from the previous 35 percent.

The agriculture secretary noted that the retail price of imported rice already went down by P19 per kilo since its implementation as grains were sold for as high as P64 per kilo prior to the max SRP.

According to him, global rice prices have dropped to their lowest levels in over two years, with some varieties now priced below $380 per metric ton.

Based on monitoring of the DA in Metro Manila markets, the retail price of imported special rice ranged between P55 and P60 per kilo; imported premium rice, between P48 and P51 per kilo; imported well milled rice, between P43 and P46 per kilo; and imported regular milled rice, between P33 and P45 per kilo.

Federation of Free Farmers (FFF) board chairman and former agriculture secretary Leonardo Montemayor has blamed the unlimited entry of cheap imports as the primary reason for the drastic drop in palay prices during the ongoing dry season harvest.

Montemayor noted that farmers are forced to sell freshly harvested palay for as low as P14 per kilo.