The Department of Agriculture (DA) will push through with the reduction of the maximum suggested retail price (MSRP) for imported rice starting July 16, lowering the ceiling to P43 per kilo from the current P45, Agriculture Secretary Francisco Tiu Laurel Jr. said.
The MSRP applies specifically to 5 percent broken, the most commonly consumed variety of imported rice. The DA had initially planned to pursue the adjustment on July 1, but postponed the rollout due to heightened volatility in global commodity markets, spurred by escalating tensions in the Middle East.
With tensions now easing—following a ceasefire agreement between Israel and Iran—the DA said global conditions have stabilized enough to resume planned price interventions.
“Global rice prices have since declined, alongside softening oil prices.”
“Global rice prices have since declined, alongside softening oil prices,” Tiu Laurel said.
“We are also seeing positive projections for record harvests from key producers like India, Pakistan, and Thailand. These developments could improve global supply and help pull prices further down.” The agriculture chief added.
The July 16 implementation supports the broader strategy of President Ferdinand Marcos Jr. to make the food grain more affordable, reinforced by Executive Order 62, which slashed rice tariff to 15 percent from 35 percent, effective July 8.
The DA said the implementation of the MSRP earlier this year already contributed to a downward trend in domestic retail rice prices, aligning with efforts to curb food inflation. Rice, as the country’s staple, holds substantial weight in the consumer basket used by the Philippine Statistics Authority to calculate inflation.
The agriculture head also mentioned the indirect but critical role of oil in farm input costs. While crude oil itself is not used in fertilizer manufacturing, its byproduct, natural gas, is vital in producing ammonia—a key ingredient in nitrogen-based fertilizers.
The DA is finalizing plans to introduce MSRPs for imported pork in August and potentially for chicken by September.
Meanwhile, the DA is finalizing plans to introduce MSRPs for imported pork in August and potentially for chicken by September.
These measures aim to moderate retail prices amid tight domestic meat supply caused by ongoing animal disease outbreaks.
