THE DEPARTMENT of Agriculture (DA) on Monday said the maximum suggested retail price (MSRP) on imported rice may be lowered due to the continuous decline in world market prices.
The DA has earlier pegged the MSRP at PHP58 per kg. for 5 percent broken imported rice to prevent profiteering and address spiking retail prices, which will be implemented in Metro Manila starting Jan. 20.
In an interview, DA Assistant Secretary Arnel de Mesa said the MSRP for 25 percent broken imported rice may be set at PHP45/kg.
“That's a probability considering na very sharp nga iyong pag-decline from Dec. 10 to Jan. 10 nitong presyo ng bigas sa international market (the decline of rice prices in the international market from Dec.10 to Jan. 10 has been very sharp). Iyong 5 percent broken at PHP58 now, pwede pang bumaba lalo (The 5 percent broken at PHP58 now, can be lowered even more),” he said, citing at least a 15 percent drop in the international price of Vietnam rice which is the country’s primary source of rice.
According to data from the Vietnam Food Association, the price of 5 percent broken Vietnamese rice dropped to USD434 per metric ton (MT) from USD510/MT on Dec. 10, 2024.
Other broken varieties from Vietnam also showed a decline - 25 percent broken which dropped to USD409/MT from USD454/MT; and 100 percent broken, at USD326 from USD383.
De Mesa said the downward trend in the international market may help lower rice retail prices in local markets.
As of Jan. 10, the prices of local and imported rice, both regular and well-milled, range from PHP38/kg. to PHP54/kg., according to the DA Bantay presyo (price watch).
Imported and local premium and special rice, however, range from PHP48/kg. to PHP65/kg.
De Mesa attributed the lower prices of retail rice to the government’s efforts and global price movements.
“Una, pursigido ang DA at DTI (Department of Trade and Industry) sa monitoring. Pangalawa, of course, yung mga interventions natin (First, the DA and DTI are persistent in monitoring. Secondly, our interventions),” he said, referring to cheaper rice options sold at Kadiwa ng Pangulo (KNP) centers and kiosks.
“Pangatlo, of course, iyong mga nangyayari ngayon sa presyo sa international market at yung significant volume, kumbaga iyong kasapatan o dami ng bigas na meron tayo ngayon (the price movements in the international market and the sufficiency or high volume of rice that we now have). If you look at the law of supply and demand, really, will tell us dapat mababa ang presyo (that the prices should be lower).”
The Bureau of Plant Industry (BPI), meanwhile, released an upward revision of the country’s import arrivals as of Dec. 31, 2024.
Based on the updated data, the volume of imports was revised to 4.78 million MT from 4.68 MMT due to “delayed counting.” (Stephanie Sevillano)
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