The Department of Agriculture (DA) and the Department of Trade and Industry (DTI) agreed to sign a memorandum of agreement to explore “innovative solutions” to reduce rice prices and ease the financial burden on Filipino consumers.
Agriculture Secretary Francisco P. Tiu Laurel Jr. said the initial focus would be on imported rice, but assured that the government’s efforts would extend further.
“Imported rice is just the beginning. We plan to cast the price net wider to include other imported food commodities like vegetables and meat, ultimately benefiting the Filipino consumer,” said Tiu Laurel, who also co-chairs the National Price Coordinating Council (NPCC).
Trade Secretary and NPCC co-chair Ma. Cristina Roque announced plans to convene the interagency council soon to evaluate strategies for stabilizing food prices and ensuring market fairness.
“We are committed to finding a balance between sustaining businesses and protecting consumers. We want the public to know that we are exploring every possible avenue to alleviate the burden on Filipino households,” she said.
Both agencies are working on finalizing a maximum suggested retail price (MSRP) for rice. The goal is to allow importers and retailers to remain profitable while keeping prices accessible for consumers.
The DA said it is considering declaring a national food security emergency, which would grant Tiu Laurel the authority to release rice from the National Food Authority’s (NFA) reserves at potentially lower retail prices.
The DTI will also review and adjust its existing regulations for the sale and labeling of manufactured goods to better suit agricultural products, particularly rice.
The high cost of rice has been a significant contributor to inflation in the first half of 2024, preventing the Bangko Sentral ng Pilipinas from reducing interest rates—an important tool for stimulating investment and job creation.
