DA cuts imported rice MSRP to P45 per kilo

The Department of Agriculture (DA) announced a reduction in the maximum suggested retail price (MSRP) for imported rice to P45 per kilo, effective March 31.

This decrease follows previous reductions from P64 to P58 and then to P49 per kilo on January 20, reflecting continued declines in global rice prices.

Agriculture Secretary Francisco Tiu Laurel Jr. stated that the MSRP is a non-coercive measure aimed at aligning domestic retail prices with international market trends, noting that since its implementation on January 20, imported rice has decreased by P19 per kilo.

The DA's gradual lowering of the MSRP since February reflects significant drops in global rice prices, particularly due to India lifting export bans and Vietnam’s reduced prices.

Vietnam remains the primary source of imported rice for the Philippines, with prices decreasing by approximately $200 per metric ton since December.

Consultations with industry stakeholders were conducted before implementing these price reductions to ensure stability and food security within the rice market.

The Philippine Statistics Authority highlighted that the MSRP played a crucial role in reducing rice inflation, contributing significantly to easing overall inflation last month.