The maximum suggested retail price (MSRP) on imported rice will be eased from ₱58 to only ₱55 per kilo on Wednesday, with further cuts close at hand.
“After this reduction, we plan to lower it further to ₱52 a kilo by mid-February and then at ₱49 per kilo two weeks after. This should reflect the lower global prices of rice and the reduced tariff,” Department of Agriculture (DA) Secretary Francisco Tiu Laurel Jr. said in a statement.
To ensure the MSRP adjustment only diminishes price escalation without impeding rice supply, the DA discussed the matter with stakeholders in the rice industry, such as importers and retailers.
Moreover, the agency will be keeping an eye on rice supply and market conditions.
“The agency remains committed to ensuring the availability of rice at stable prices while supporting long-term food security and the growth of the local rice industry,” it said.
The DA said it seeks to lower the prices of rice, a staple food for the majority of Filipinos; especially for the benefit of lower-income households.
