AGRICULTURE SECRETARY Francisco Tiu Laurel Jr. on Wednesday announced that the maximum suggested retail price (MSRP) for imported rice will be reduced anew on March 31 to PHP45 per kilo, following a continued decline in global rice prices.
“At this level, the retail price of imported rice has now decreased by P19 per kilo compared to its price before we implemented the MSRP on January 20,” Tiu Laurel said in a news release.
Before the MSRP was introduced, imported rice was sold for PHP64 per kilo, despite global rice prices softening, tariff reductions, and a stronger peso.
The Philippine Statistics Authority had recognized the MSRP as a key factor in reducing rice prices and helping to tame inflation.
The implementation of the MSRP followed consultations with industry stakeholders to ensure that price reductions would not destabilize the rice industry or compromise food security.
This initiative fully reflects the decision of President Ferdinand R. Marcos Jr. to approve a reduction in rice tariffs-from 35 percent to 15 percent-effective July 2024.
In September of last year, India lifted its year-long ban on the export of non-Basmati rice, contributing to a global increase in rice supply.
As a result, rice prices have dropped to their lowest levels in over two years, with some varieties now priced below USD380 per metric ton.
Prior to the MSRP reduction to PHP49 per kilo on March 1, the price of good-quality rice from Vietnam-those with 5 percent broken grains-had already decreased to USD490 per metric ton, approximately USD200 cheaper than in December. Vietnam is the Philippines' main source of imported rice.
Data from Food Terminal Inc. revealed that the landed cost of imported rice for March 2025 for DT8 variety is PHP32 to PHP34 per kilo. (PR)
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