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Thursday, March 28, 2024

DTI: Lowering rice price to P20 a kilo possible, but needs study

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The campaign promise of presumptive president Ferdinand “Bongbong” Marcos Jr. to reduce retail price of rice to P20 or P30 is “possible,” but needs careful study, an official of the Department of Trade and Industry (DTI) said on Monday.

“Maybe we can study it then it’s possible that we can lower the (rice) prices),” DTI Undersecretary Ruth Castelo said in a television interview.

“I remember in 2018, we studied rice prices and we set it at P35. It was upon the initiative of DTI with the help of the DA (Department of Agriculture), but at that time, our time was too short. We’re moving fast to give proper prices so it was at P35,” Castelo added.

“Maybe we can do it again, if we will thoroughly study how we can lower the prices,” she pointed out.

Latest data from the DA showed that local rice prices in Metro Manila ranged from P38 to P50 per kilo, while imported rice was sold at P37.00 to P52.00 as of April 13, depending on the variety.

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Marcos had said he would recommend a price cap on rice and mandate government agencies to serve as middlemen in the procurement of harvests under his administration.

DTI’s stance echoed the remarks of Socio-economic Planning Secretary Karl Kendrick Chua who earlier said Marcos’ campaign promise was possible, but warned that it might be problematic if the support for farmers comes in the form of subsidy that does not relate to outputs.

“If we are going to use taxpayers’ money solely to subsidize without conditions and without any productivity measures, then that’s a bad idea,” Chua stressed.

Meanwhile, Castelo said Trade Secretary Ramon Lopez was preparing for the transition of the department to its next leaders under the incoming administration.

She also hoped the new government would continue pushing for the measures the DTI was trying to strengthen, including amendment of the Consumer and Price Act.

“Sec. Lopez would also want this to happen. That’s why we’re hoping in the first session of Congress, with the help of the new administration, the revision will be finished,” she said.

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