THE DEPARTMENT of Agriculture announced on Tuesday that it will slash the maximum suggested retail price (MSRP) of imported rice to P55 per kilo from the previously set P58.
In a press release on Tuesday, Feb. 4, the MSRP will be P55 per kilo starting Wednesday, Feb. 5, to provide “much-needed relief to consumers struggling with the high cost of the food staple.”
DA Secretary Francisco P. Tiu Laurel Jr. said to expect a reduction in the coming weeks, eyeing below P50 per kilo by early March.
“After this reduction, we plan to lower it further to P52 a kilo by mid-February and then at P49 per kilo two weeks after. This should reflect the lower global prices of rice and the reduced tariff,” the DA chief stressed.
The press release added the price reduction is in line with DA’s efforts to stabilize rice prices and alleviate inflationary pressures on basic commodities.
DA convened with the rice industry stakeholders, including importers and retailers, to ensure the price will not compromise the supply.
The department through department circular no. 3. on Monday, Feb 3 declared a food security emergency on rice due to an extraordinary rise in prices.
The state of food security emergency shall remain in force and effect until lifted or withdrawn by the Secretary.
According to National Price Coordinating Council (NPCC) Resolution No. 01, series 2025, the Philippine Statistics Authority (PSA) reported that rice inflation in July 2023 reached 4.2 percent exceeding the upper limit of the 4 percent food inflation target of the Philippine Development Plan 2024- 2028. Rice inflation further increased reaching 17.9 percent in September 2023.
NPCC resolution determined that rice prices remain elevated emphasizing that in December 2024, the price levels of regular milled rice and well-milled rice were respectively 19 percent and 20 percent higher compared to the period before the price spikes in July 2023.
“There is an extraordinary increase in the price of rice when the rice inflation has exceeded the upper bound target for food inflation and reached double digits,” NPCC resolution reads.
File Photo by Bing Gonzales
