'Rice prices remain high as retailers make a killing'

The Department of Agriculture (DA) will convene the leaders of large markets in Metro Manila next week to discuss and address why retail prices of imported rice remain above P50 per kilo despite the softening of wholesale prices.

- By JASPER EMMANUEL ARCALAS

Agriculture Secretary Francisco Tiu Laurel Jr. said he learned in a recent meeting with rice importers that the wholesale price of imported rice has already dropped to P38 per kilo.

He said the importers noted that the retailers could be making a killing as the retail prices of rice still range between P42 and P55 per kilo, depending on whether it is a regular-milled or well-milled variety.

Tiu Laurel said that at P38 per kilo at wholesale, the retail price of rice should be around P45 per kilo.