The Department of Agriculture (DA) announced on Monday that the maximum suggested retail price (MSRP) for imported rice could decrease due to falling global market prices. Previously set at PHP58 per kilogram for 5 percent broken imported rice, this price cap was established to curb profiteering and stabilize retail prices in Metro Manila starting January 20. DA Assistant Secretary Arnel de Mesa indicated that the MSRP for 25 percent broken imported rice might be adjusted to PHP45 per kilogram, reflecting the sharp decline in international rice prices observed between December 10 and January 10. He highlighted a significant 15 percent drop in the price of Vietnam’s 5 percent broken rice, a key import for the Philippines, which fell from USD510 to USD434 per metric ton. Other Vietnamese rice varieties also experienced price reductions, with 25 percent broken dropping from USD454 to USD409 per metric ton, and 100 percent broken from USD383 to USD326 per metric ton. De Mesa suggested that these international trends could lead to lower retail prices in local markets. As of January 10, local and imported rice prices ranged from PHP38 to PHP54 per kilogram for regular and well-milled varieties, while premium and special rice ranged from PHP48 to PHP65 per kilogram. De Mesa credited the potential price reduction to the government’s vigilant monitoring and interventions, such as sales at Kadiwa ng Pangulo centers, alongside favorable global market conditions and increased rice supply. The Bureau of Plant Industry also revised the country’s rice import volume upwards to 4.78 million metric tons from 4.68 million metric tons due to delayed counting.
Global Price Drop May Lead to Lower Imported Rice MSRP
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