Rice prices to remain stable amid effects of TRAIN Law—NFA

The National Food Authority vows to make the prices of rice unaffected despite the effects of the tax reform law to the prices of fuel products. INQUIRER FILE PHOTO

The National Food Authority (NFA) will not raise the prices of rice despite the increase in fuel prices under the Tax Reform for Acceleration and Inclusion (TRAIN) Law, its administrator said Thursday.

NFA Administrator Jason Aquino said that the agency will continue to sell rice at the prescribed price of P27 per kilogram (kg) for the regular-milled variety and P32/kg for the well-milled variety.

“As watchdog of national food security, the NFA’s role is to make rice, our basic staple, available, accessible and affordable in any part of the country at all times,” Aquino said in a statement.

Aquino issued the statement as speculations that rice prices may be affected by the increase in fuel prices under the new tax reform law.

Critics of the TRAIN Law warned that the increase in excise tax on oil would spark a domino effect on the prices of goods and services. The measure is expected to increase gasoline prices by up to P8 per liter.

The administrator ordered the agency’s finance and operations departments to conduct a cost analysis of any impact of the new tax law on the prices of rice.

He also warned rice traders not to take advantage of the ongoing speculations by unduly increasing prices.

“The NFA implements rice trading rules and regulations, therefore we can sanction any traders who will be violating our laws,” Aquino said. /jpv