DA cuts MSRP for imported rice to P43 per kilo

Starting July 16, the maximum suggested retail price (MSRP) for imported rice will be reduced from P45 to P43 per kilo due to easing global tensions and lower global rice prices.

The Department of Agriculture (DA) noted that projections indicate record harvests from major producers like India, Pakistan, and Thailand, which could further stabilize rice prices.

Oil prices have been falling since the start of July following two major hikes in June, contributing to a decline in global rice prices.

The DA is also planning to set MSRP for imported pork next month and possibly for chicken by September to address tight domestic meat supply due to animal disease outbreaks.

These measures aim to temper retail prices of pork and chicken amidst current supply constraints.

Additionally, the DA is seeking the release of the remaining balance of the Rice Competitiveness Enhancement Fund (RCEF) to support the upcoming planting season.