DA keeps P43/kilo MSRP for imported rice pending tariff hike

The Department of Agriculture (DA) will maintain the maximum suggested retail price (MSRP) for imported rice at P43 per kilo for now, pending the finalization of regulatory procedures for a higher import tariff.

Agriculture Secretary Francisco Tiu Laurel Jr. stated that any price adjustment will be considered only after the new tariff rates are in effect, which is expected on January 16, 2025.

The import duties on rice are scheduled to increase from 15% to 20% on January 16, 2025.

This decision follows President Ferdinand "Bongbong" Marcos Jr.'s earlier order for a four-month moratorium on rice importation starting September 2025, aimed at supporting farmgate prices during the wet-season harvest.

The DA noted that rice imports reached approximately 4.8 million metric tons in 2024, which caused palay prices to drop significantly, with some areas reporting as low as P8 per kilo.

Since the import freeze, palay prices have recovered, with wet palay reaching around P17 per kilo and dry palay around P23 per kilo in various producing regions.

Following the expiration of the import ban on December 31, an initial volume of 500,000 metric tons of rice will be allowed into the country, with 50,000 MT allocated to Food Terminals Inc.