Rice MSRP lowering set for July 1 postponed

THE Department of Agriculture (DA) is holding off on plans to lower the maximum suggested retail price (MSRP) of imported rice pending an assessment of the impact of the war in Iran on commodity prices.

- Kyle Aristophere T. Atienza

Affected by the delay is the plan to lower by July 1 the MSRP for imported rice of the 5% broken-grain variety to P43 from P45 per kilo, Agriculture Secretary Francisco Tiu Laurel, Jr. told reporters.

“We will hold it in abeyance,” he said, in case there are “market shocks” resulting from the Israel-Iran war, which has since attracted US intervention.

Mr. Laurel said the DA is expected to come up with a final decision by next week, though he expects a delay of about a month or two “to gain a clearer picture of where global prices are heading.”

The DA first implemented the MSRP for imported rice on Jan. 20, with an initial setting of P58 per kilo.