Agriculture Secretary Francisco Tiu Laurel Jr. announced on Thursday that the initial maximum suggested retail price (MSRP) of PHP58 per kilogram for imported rice is set to decrease to PHP50/kg by March, contingent on global rice market trends. This statement was made during a joint market inspection at the Mutya ng Pasig Mega Market in Pasig City, alongside Department of Trade and Industry Secretary Cristina Roque.
The MSRP, which will be enforced starting January 20 in Metro Manila, is designed to curb profiteering and stabilize escalating rice prices. Tiu Laurel emphasized that the MSRP would undergo regular reviews and adjustments to safeguard the interests of both consumers and the entire rice supply chain.
He outlined a phased reduction plan, stating, “The PHP58 is just the beginning, not set in stone. We aim to reduce it to PHP55 after two to three weeks, and then to PHP52 after another two weeks.” He added that if global prices fall, the price could reach PHP50 soon, reflecting the government’s intention to align local prices with international trends.
The adjustment period will allow importers and retailers time to renegotiate terms and contracts within the supply chain. The Department of Agriculture had previously anticipated a lower MSRP due to falling global prices, particularly for Vietnamese rice, which has seen significant price drops recently.
Tiu Laurel responded to criticisms about the profit margins under the MSRP, explaining that the initial PHP10 margin was set at the request of stakeholders but would be reduced to PHP8 by March. Current prices for imported and local rice in Metro Manila range from PHP37/kg to PHP53/kg for regular and well-milled varieties, and PHP48/kg to PHP65/kg for premium and special types.
Additionally, the implementation of the MSRP will include mandatory labeling in retail stores, indicating the origin, type, percentage of broken grains, and the names of importers or millers. Tiu Laurel hopes to complete the labeling by the end of January, with implementation starting in the first week of February, followed by setting specific MSRPs for different types of rice.