DA cuts imported rice MSRP to P49 starting March 1

The Department of Agriculture (DA) announced on Wednesday that it will reduce the maximum suggested retail price (MSRP) for imported rice to P49 per kilo starting Saturday, March 1 in Metro Manila and other urban centers.

This reduction marks the fourth phase of the DA's pilot initiative, which involves lowering the MSRP every two weeks since January 20.

Agriculture Secretary Francisco Tiu Laurel Jr. clarified that this approach is being taken because many provincial areas already have imported rice priced lower than the MSRP.

Tiu Laurel noted that the initial aim was to reflect the decline in world market prices and President Ferdinand Marcos Jr.'s decision to reduce rice tariffs from 35% to 15%, with the previous retail price for imported rice ranging between P62 and P64 per kilo before the MSRP imposition.

Given this development, Tiu Laurel hinted at the possibility of further price reductions based on ongoing reviews, stating that there could be room for additional decreases in the coming days.