Maximum SRP for imported rice set at P49 per kilo by March 1 — DA
CEBU CITY, Philippines — The Department of Agriculture in Central Visayas (DA-7) has set the maximum suggested retail price (MSRP) price for imported rice P49 per kilo starting March 1, a representative of the agency said.
Elvin Milleza of DA-7 said during Wednesday’s January 2025 inflation dissemination report for Region 7 that this was in accordance with the directive from the DA central office.
However, before the MSRP for the imported rice will be set to P49 per kilo, it will first be set at P52 per kilo starting February 15.
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Agriculture Secretary Tiu Laurel said that this aims to ‘further stabilize the rice market’ and that the gradual approach aims to mitigate potential market disruptions, he said.
A decline on the index of rice was observed for January 2025 inflation at -2.9 percent from 0.7 percent in December 2024. Milleza has also attributed this decrease to the impact of DA’s price cap on rice.
“We are seeing a decrease of the average market price for rice and it is expected nga mo-reduce pa gyud ni siya in the coming months, because as per report with our DA Central Office, the suggested retail price for imported rice will be lowered down to P49 by March 1,” Milleza said.
He added that the whole country is expecting an increase in domestic supply of rice since the local harvest season for rice is already ongoing.
The DA noted that price reductions are in line with global rice market trends, as well as President Ferdinand Marcos Jr.’s decision made last July 2024 to reduce rice tariffs from 35 percent to 15 percent through Executive Order No. 62.
The DA also mentioned that Laurel said Marcos’ economic team will soon evaluate EO No. 62 to determine if there’s a need to adjust the rice tariff.
Laurel expressed that he would only be likely to suggest a change in the current tariff rate if the retail prices of imported rice drop to the range of P42-P45 per kilogram.
In addition to rice, Laurel stated that the DA is considering implementing a Maximum Retail Price (MRP) on pork to address a significant disparity between farm-gate and retail prices. He referred to retail pork prices of P400 per kilo or more as “unreasonable.”
He mentioned that a decision on the potential enforcement of an MRP for pork is anticipated by the end of February, aiming to mitigate profit-making at consumers’ expense.
“We are conducting a thorough analysis of the pork value chain…If evidence of profiteering emerges, we will not hesitate to institute an MSRP for pork,” Laurel stated.
As of now, the farm-gate price of hogs is at P240–P250 per kilogram.
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