New las pi±as city: The Department of Agriculture (DA) announced on Tuesday that the PHP50 per kilogram price cap for 5 percent broken imported rice is unlikely to be extended. This development follows a joint market inspection conducted with the Department of Trade and Industry at New Las Pi±as City Public Market.

According to Philippines News Agency, DA Secretary Francisco Tiu Laurel Jr. explained in an interview that the current retail price levels suggest that the extension of the price cap may not be necessary. "Malamang walang price cap. Base sa ikot namin kanina, because ang price cap na sinet was PHP50, nakita namin kanina na may PHP47, PHP48 and PHP50," he stated. This translates to the possibility of not needing extraordinary measures as prices remain within the set cap.

Previously, the DA had proposed a 60-day extension to the National Price Coordinating Council (NPCC) to ensure stable retail prices of rice. However, Tiu Laurel emphasized the importance of supporting local rice by requesting rice importers to temporarily halt the imports of 5 percent broken imported rice. This move aims to provide a 'fighting chance' for local rice producers.

Furthermore, Tiu Laurel reiterated his appeal to rice traders to maintain fair market prices for Filipino consumers. He urged the Rice Millers Association of the Philippines to engage in discussions to determine a price that ensures profitability across the supply chain, ultimately benefiting consumers with fair pricing.

As per DA Bantay Presyo (Price Watch), premium imported rice in Metro Manila is currently priced between PHP48 to PHP55 per kg, while imported well-milled rice ranges from PHP45 to PHP50 per kg. Local premium rice is priced at PHP46 to PHP60 per kg, with local well-milled and regular milled rice priced at PHP48 and PHP45 per kg, respectively.