Manila: The Department of Agriculture (DA) is considering implementing a price cap on imported rice by the end of the month. This follows the National Price Coordinating Council's (NPCC) recommendation to the Office of the President to set a price ceiling of PHP50 per kilogram.

According to Philippines News Agency, DA Secretary Francisco Tiu Laurel Jr. stated that the final decision will be made by President Ferdinand R. Marcos Jr. Tiu Laurel noted that the move aims to mitigate potential profiteering amid rising fuel prices due to the U.S.-Iran conflict in the Middle East.

Currently, premium imported rice in Metro Manila is priced between PHP55 and PHP63 per kilo, as reported by DA Bantay Presyo (Price Watch). The price for imported well-milled rice ranges from PHP45 to PHP49 per kilogram, while imported regular-milled rice is priced between PHP42 and PHP45.

Tiu Laurel mentioned that there is no need for a price cap on local rice due to the ongoing harvest season. He explained that with an abundant harvest, prices are likely to decrease naturally. Local premium rice is priced between PHP51 and PHP60 per kilogram, with well-milled and regular-milled rice at PHP45 and PHP40 per kilogram, respectively.

The DA Secretary also emphasized the availability of more affordable rice varieties under the DA's initiative, with prices at PHP48 and PHP45 per kilogram. Additionally, the department is expanding the PHP20 per kilo rice program under the Benteng Bigas Meron (BBM) Na initiative.

Regarding other agricultural products, Tiu Laurel indicated that price caps would depend on price trends and the presence of profiteering. He assured that the supply of other commodities such as chicken, pork, and fish will remain stable during the summer season.