Rice prices in the market continued to decline for the seventh week now but have yet to reflect the suggested retail price (SRP) three weeks since it was imposed by the government.
The weekly price monitoring report by the Philippine Statistics Authority (PSA) showed that as of the third week of November, retail prices of regular-milled and well-milled rice were at P42.77 and P46.49 a kilogram, respectively.
These are 1.59 percent and 0.98 percent lower compared to prices a week ago, but still higher than the SRPs imposed by the Departments of Trade and Agriculture during the last week of October—a measure meant to keep prices of the staple in check after it skyrocketed to record-levels.
Based on the SRP, local regular-milled and well-milled rice should be sold at no more than P39 and P44 a kilogram, respectively, while imported variants would be limited to well-milled and premium rice and priced not higher than P39 and P43 a kilo, respectively.
Compared to year-ago levels, prices were also higher by 11.31 percent.
Earlier this week, Agriculture Secretary Emmanuel Piñol said the agency had no plans to stop the measure given its “effectiveness.”
He noted the implementation of SRPs largely contributed to the decline in rice prices, but for economic managers, it was a natural result of the influx of imported rice in the market and the onset of the harvest season.