New round of price cut for imported rice — DA

CEBU, Philippines — Prices of imported rice are expected to go down starting today, Feb.15, following the Department of Agriculture’s announcement to further reduce the maximum suggested retail price (MSRP) nationwide.

From P55, imported rice will now be sold at P52 per kilo maximum and will be lowered further to P49 by March 1.

On February 5 the DA also reduced the MSRP of imported rice to P55 from the previous P58 per kilo set by the agriculture department. Setting a price ceiling for imported rice gave consumers the much-needed relief from the high cost of the food staple.

Earlier, Agriculture Secretary Francisco P. Tiu Laurel Jr. promised to bring down the prices of imported rice to possibly below P50 per kilo by March. This price reduction comes amid efforts by the DA to stabilize rice prices and alleviate inflationary pressures on basic commodities.

The decision came after an extensive consultation with rice industry stakeholders, including importers and retailers, to ensure that the price decrease will benefit consumers without negatively affecting the supply of rice.

The DA’s move is seen as an important step in controlling food price inflation, particularly for rice, which is a staple food for millions of Filipinos.

The price reductions also align with global trends in the rice market, as well as President Ferdinand Marcos Jr.’s decision in July to slash rice tariffs to 15 percent from 35 percent.

Secretary Laurel said the country’s economic managers will soon review Executive Order 62 to assess whether rice tariff needs further adjustment. Personally, Laurel is inclined to recommend a revision of the current tariff level if retail prices of imported rice ease to the P42-P45 per kilo range.

Aside from rice, Laurel said the DA is also looking at implementing an MSRP on pork to address excessive gap between farm-gate and retail prices. He described retail pork prices of P400 per kilo or higher as “unreasonable.”

A decision regarding the possible imposition of an MSRP for pork is expected by the end of February, with the aim of curbing profiteering.

“We are conducting a thorough analysis of the pork value chain,” the secretary said.

“If evidence of profiteering emerges, we will not hesitate to institute an MSRP for pork,” he added.

Currently, the farm-gate price of hogs stands at P240–P250 per kilogram.