Rice retailers from major markets in Metro Manila have agreed to lower the prices of regular and well-milled rice starting next week.
Marketing vendors pledged their commitment during a consultative meeting with Department of Agriculture (DA) Secretary Francisco P. Tiu Laurel Jr. Friday.
The DA called the meeting to address concerns over the high retail prices of rice despite a significant reduction in rice tariffs.
In a previous meeting, rice importers and traders informed undersecretary for operations Roger Navarro that they had already reduced their prices to approximately P38 per kilo.
They pointed to markups by rice retailers as the reason for the continued high retail prices.
President Ferdinand Marcos Jr. issued Executive Order No. 62, which reduced the import tax on rice from 35 percent to 15 percent, effective July 8, as part of efforts to bring down rice prices.
High rice prices have a major impact on inflation, with rice accounting for about P9 of every P100 spent by the average Filipino consumer, and P18 of every P100 spent by low-income households, according to the Philippine Statistics Authority (PSA).
During the meeting, representatives from rice retailers in major markets across Manila, Quezon City, Caloocan City, Pasig City, Las Piñas City, Taguig City, and Pasay City told DA officials that a markup of P3 to P5 per kilo would allow them to maintain a reasonable margin.
“They have agreed to sell well-milled rice for around P42 per kilo after we appealed to their sense of patriotism. We asked them to help ease the burden on the poor by offering more affordable rice,” Navarro said.
