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Manila Bulletin devider Business devider DA cuts imported rice SRP to ₱55, eyes further reduction to below ₱50

DA cuts imported rice SRP to ₱55, eyes further reduction to below ₱50

Published Feb 4, 2025 03:43 am

The Department of Agriculture (DA) will reduce the maximum suggested retail price (MSRP) of imported rice from ₱58 to ₱55, effective on Wednesday, Feb. 5.

The price reduction is part of the DA’s ongoing efforts to stabilize rice prices and alleviate inflationary pressures on basic commodities.

The initial MSRP for imported rice was implemented on Jan. 20, to ensure that rice remains affordable for consumers while also supporting the profitability of the rice industry.

Imposing a price cap on the commodity was seen as a vital measure to address the persistently high rice prices despite the government’s reduction in tariffs last year and the lower global market costs.

In a statement on Tuesday, Feb. 4, Agriculture Secretary Francisco Tiu Laurel said he is seeking a further reduction of the MSRP in the coming weeks.

He said the price cap could go even below ₱50 per kilo by early March.

“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,” said Laurel.

The newly reduced MSRP on imported rice will only be in effect in Metro Manila.

However, beginning Feb. 15, the MSRP will now be imposed nationwide, according to DA Assistant Secretary and Spokesperson Arnel de Mesa.

In addition to the price cut, the DA has vowed to continue its close monitoring of the 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.

During a market visit last month, officials of the DA and the Department of Trade and Industry (DTI) inspected stalls selling rice to make certain of their strict compliance with the MSRP.

While there is no inflicted penalty yet on erring violators, the MSRP is expected to be strictly enforced following the release of official guidelines.

Laurel previously warned that if the MSRP fails to bring down rice prices to “reasonable levels”, the DA will recommend price controls and ceilings.

Violations of such measures may result in fines of up to P1 million for offenders.

Related Tags

Rice prices Department of Agriculture (DA) maximum suggested retail price
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