DA to conduct monthly reviews of P58 per kilo MSRP of premium imported rice

The Department of Agriculture (DA) said it will conduct monthly reviews of the maximum suggested retail price (MSRP) of P58 per kilo for premium imported rice, with the possibility of having this lowered by next month should global trends dictate any adjustments.

In a statement released Sunday, the DA said it will conduct a monthly review of the MSRP of premium imported rice with no more than 5% broken grains, capping the profit margins of importers, traders, and retailers at P10 per kilo.

Retailers that exceed the MSRP will be required to justify their prices to authorities, as Agriculture Secretary Francisco Tiu Laurel Jr. earlier said that imported rice that is 25% broken should not exceed P50 per kilo.

Latest data available from the DA monitoring show that prices of imported commercial rice in Metro Manila markets range from P45.00 to P54.00 per kilo based on the variety.

“Should rice prices remain excessively high, the DA and Department of Trade and Industry will recommend to President Ferdinand Marcos Jr. the imposition of a price ceiling, with strict penalties for violators,” the DA said.

“We are committed to bringing down prices to benefit all Filipinos,” Tiu Laurel said, noting that the DA is also set to open additional kiosks in public markets and train stations that would distribute goods at fair prices, including the P29 rice program for vulnerable sectors.

This comes even as President Ferdinand “Bongbong” Marcos Jr., under Executive Order 62, last year lowered tariff rates for rice to 15% until 2028 from 35% previously.

To address the high prices, the DA is promoting cheaper alternatives such as Sulit Rice or white rice but 100% broken, and Nutri Rice. It is also looking at removing “premium” or “special” labels and brand names on imported rice to reduce overpricing.

During his presidential campaign, Marcos said he would recommend a price cap of rice to bring down prices to as low as P20 per kilogram.—Jon Viktor Cabuenas/RF, GMA Integrated News