Philippines Ends P50 Price Cap on Imported Rice Amid Stable Market

Agriculture Secretary Francisco P. Tiu Laurel, Jr. announced on Tuesday that the P50 per kilogram price ceiling on imported 5% broken-grain rice will not be extended, citing stable prices in the market. This announcement came after a surprise market inspection conducted by the departments of Agriculture (DA) and Trade and Industry at the New Las Piñas City Public Market. Mr. Laurel told reporters that there is no need to extend the price cap, noting that prices of imported rice in Las Piñas are within or below P50 per kilogram. “It looks like there is no need for a price cap today based on what we saw earlier because the price cap is set at P50 and we saw earlier that there is P47, P48, and P50 rice for sale, so I think there is no need for extraordinary measures as of the moment,” Mr. Laurel told reporters. Mr. Laurel said the DA continues to request rice importers to pause imports of 5% broken rice in order to help the domestic rice industry. “The DA still requests our rice importers not to import 5%,” Mr. Laurel said. Mr. Laurel has said that the National Price Coordinating Council backed the DA’s recommendation to extend the P50 per kilo price cap on imported rice for 60 more days, saying such an extension would stabilize prices and increase the rice supply. — Marron Joshua F. Mendoza