The Department of Agriculture (DA) will convene a meeting next week with top executives of major Metro Manila markets to investigate the ongoing high rice prices, despite significant tariff reductions implemented by the President.
Recent price monitoring by the DA revealed that retail prices remain exceptionally high, leading them to suspect that some retailers are manipulating the market.
This, despite discussions with rice importers from Bulacan saying they have lowered wholesale prices to around P38 per kilo.
Agriculture secretary Francisco P. Tiu Laurel Jr. expressed frustration over the continued high retail prices, stating, “If importers’ claims are accurate, then retail prices should be around P45 per kilo.”
He emphasized the need for a thorough investigation to uncover the root cause of the issue.
The DA will conduct random inspections of public markets to gather price data and identify potential violations of the Price Act of 1993.
The law empowers the DA to take decisive action against price manipulation, including imposing price ceilings and penalizing hoarding, profiteering, and cartel formation.
Laurel vowed to hold accountable those responsible for exploiting consumers.
“We will not tolerate greed and price gouging,” he declared. “The Filipino people deserve fair and affordable prices for basic commodities,” he said.
