DTI, DA launch nationwide monitoring of rice prices in Philippines

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The Department of Trade and Industry (DTI) and the Department of Agriculture (DA) are conducting a nationwide price monitoring to assess the impact of the tariff reduction on rice imports on the supply chain.

In a statement, the DTI said the price monitoring effort seeks to look into the potential impact of the reduced tariff under Executive Order (EO) 62 on the entire supply chain from importers to retailers.

Under EO 62, tariffs on imported rice and other agricultural products were brought down to 15 percent from 35 percent effective July 5.

'Recognizing rice as a staple in the Filipino diet, the DTI is steadfast in the rigorous monitoring and analysis of rice price fluctuations. These data-driven reports will inform policymakers' decisions to ensure stable rice supply, distribution and pricing,' Trade Secretary Alfredo Pascual said.

The price monitoring initiative will cover supermarkets, hypermarkets and grocery stores under the DTI's jurisdiction.

Wet markets under the DA's purview will also be part of the monitoring.

Last year, similar efforts were undertaken following the issuance of EO 42, which directed the DTI to continue to assist the DA in monitoring prices following the lifting of the rice price ceiling imposed under EO 39.

Price caps were imposed on regular-milled rice and well-milled rice last year amid increasing prices.

The DTI chief also commended members of Congress for their support in maintaining price stability and food security.

'We at the DTI deeply appreciate the tireless work of these legislators in holding price manipulators and violators accountable. Their actions align perfectly with our mission to empower and care for consumers while fostering fair competition for legitimate businesses,' Pascual said.