DA: Rice MSRP may drop further to P45/kg. by end-March

THE MAXIMUM suggested retail price (MSRP) for rice may drop further with the continuous decline of global rice prices and the strengthening of the peso, according to the Department of Agriculture (DA).

“Ang plano namin kung tuluy-tuloy ang trend na ito, by March 31, baka ibaba namin sa PHP45 ang kilo ng (Our plan is, if this trend continues, by March 31, we might drop it to PHP45 per kilo the price of) imported rice, 5 percent broken,” DA Secretary Francisco Tiu Laurel Jr. said in an interview late Monday afternoon.

Tiu Laurel made the statement as the peso strengthened against the dollar at PHP57 level, stronger than the PHP59-level.

The price of 5 percent broken rice from India was set at USD425.4 per metric ton (MT); USD416 per MT of Vietnam rice; and USD458.7 per MT of 25 percent broken Thailand rice as of January, according to the Food and Agriculture Organization of the United Nations.

The current MSRP for 5 percent broken imported rice was set at PHP49/kg. on March 1, the fourth reduction since the first MSRP was imposed at PHP58/kg. on Jan. 20.

Before the MSRP implementation, the retail price for 5 percent broken was PHP62/kg. to PHP64/kg.

Tiu Laurel said the MSRP has been effective in influencing market prices.

“From vegetables to rice, bumababa na rin ang presyo, iyong MSRP natin (the prices are declining, our MSRP) is really working,” Tiu Laurel said.

As of Monday, the prevailing price of premium imported rice in Metro Manila is pegged at PHP52/kg., ranging from PHP48/kg. to PHP55/kg.; PHP44/kg. to PHP47/kg. for imported well-milled; and PHP36/kg. to PHP46/kg. for imported regular milled.

The price of local premium rice, meanwhile, ranges from PHP45/kg. to PHP62/kg.; PHP42/kg. to PHP52/kg. for local well-milled; and PHP38/kg. to PHP45/kg. for local regular milled.

Food inflation

Tiu Laurel, meanwhile, lashed back at critics of the government’s efforts to address food inflation.

“Iyong dalawang (The two) analysts, I think what they said is very unfair. Iba iyong panahon ng past administration, iba iyong panahon ngayon. Sa totoo lang, iyong mga nangyayari ngayon for me kasalanan ng (The times before is different compared nowadays. In fact, what’s happening now, for me, is the fault of the) previous administration,” he said.

Besides declining vegetable and rice prices, Tiu Laurel said the retail prices of fish would also go down within the month.

“Fishing season is umpisa na (has begun). So, hopefully, marami ang huli ng (there will be a good catch from) fishermen from all over the Philippines, small, medium, and large,” he said.

“Hopefully, by mid to end of March, mas malaki ang ibaba ng presyo ng isda (there will be a huge decline in fish prices).” (Stephanie Sevillano)