MANILA – The price of rice should go down in May under a new liberalized regime, but the price of sugar should remain stable due to sufficient supply, a trade official said Wednesday.
The price of the staple grain should go down to P32 per kilo from P39 while sugar prices should stay at P50 to P55 per kilo, Trade undersecretary Ruth Castello said.
President Rodrigo Duterte in February signed a law putting tariffs on rice imports instead of quotas, a measure aimed at lowering prices after inflation hovered at near 10-year highs in 2018.
Once rice prices go down, there might be no need for a suggested retail price or SRP on the staple, Castello said.
Implementing rules of the Rice Tariffication Law were finalized last April 7. Under the law, private traders can import grain freely as long as they secure the needed permits and pay the right dues.
Castello said the price of sugar should not increase since the country has enough supply
Some sugar traders may be manipulating prices, said Sugar Regulatory Administration chief Hermenegildo Serafica.
Data from the SRA showed that the country had 1,152,422 metric tons as of sugar as of March 31 compared to 800,587 metric tons as of April 1 last year.
The SRA report showed that the prevailing price of sugar is P45 per kilo as of Tuesday. (ABS-CBN News)
