Department of Agriculture (DA) will not impose a suggested retail price (SRP) on rice and other agricultural products as international prices change due to the forthcoming El Niño phenomenon, its Secretary Francisco Tiu Laurel Jr. has announced.

“We’re not doing it. Prices of rice and other agricultural products in international markets like Thailand and other countries are volatile and fluctuating due to El Nino. Hence, we’re not suggesting to control prices at the moment,” he said in a press statement issued on Thursday, January 11.

According to Laurel Jr., agri-products prices fluctuate as international countries import rice to boost their rice reserves in preparation for El Niño's impact.

The DA Secretary also explained that his agency could not exercise the power to stabilize agri prices in times of emergencies under the Price Act Law as this requires "implementing rules and regulations."

He also asserted that setting a "price limit" could burden farmers as "traders will only lower their purchase prices to keep their margins."

"Consumers also don’t benefit in such a situation. It could also fuel price speculation and supply hoarding that evolves into another problem altogether,” Laurel added.

As of January 8, the agriculture department's price monitoring showed that the retail prices of imported special rice range from P58 to P65 per kilogram.