MANILA, Philippines, March 17 ------ The maximum suggested retail price (SRP) on imported rice has resulted in a drop of P15 per kilo in the cost of the staple without significantly disrupting the grains industry, Department of Agriculture (DA) Secretary Francisco Tiu Laurel Jr. said.
He said that before the DA introduced the max SRP in early February, imported rice with five percent broken grains was being retailed at around P64 per kilo. The max SRP started at P58 per kilo. He noted that in less than a month, by March 1, the DA had reduced it further to P49 per kilo. “The Philippine Statistics Authority recognized the MSRP as a crucial factor in bringing down rice prices and helping tame inflation, with March print surprisingly lower than market and central bank expectations,” Tiu Laurel said.
Tiu Laurel added that the max SRP might be lowered again before the end of March if global rice prices continue to soften and the peso maintains its appreciation against the US dollar. He said rice prices have dropped to their lowest levels in over two years, with some rice varieties quoted below $400 per metric ton.
Tiu Laurel noted that the landed cost of good-quality rice variety from Vietnam – those with five percent broken grains has dropped to around $490 per metric ton, more than $200 cheaper than in November 2024 and approximately $80 less than early January prices. Tiu Laurel assured the public that falling rice prices and lower tariffs would not impact the P30 billion annual budget allocated to the Rice Competitiveness Enhancement Fund, which supports local rice farmers under the amended Rice Tariffication Law.
Source: philstar.com
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