P49 Maximum SRP on Imported Rice in March – DA

Filipinos can expect the maximum suggested retail price (SRP) of imported rice to go down in the coming weeks, with the target of P49 per kilo eyed by March, Agriculture Secretary Francisco Tiu Laurel Jr. said yesterday, citing the continued drop in world prices of imported grains.

- By BELLA CARIASO

"By Feb. 5, the maximum SRP on imported rice will be brought down to P55. Then, by Feb. 15, we will lower it further to P52. By March 1, hopefully, we will break P50 per kilo, with the maximum SRP at P49, as long as world prices remain as they are today — a maximum landed cost of $530 to $550 per metric ton for five percent broken rice," Tiu Laurel said following an inspection at the Cartimar Market in Pasay City.

The maximum SRP of P58 per kilo took effect on Jan. 20 as rice prices remain elevated despite the implementation of Executive Order No. 62 which lowered the tariff on imported rice to 15 percent from the previous 35 percent. President Marcos signed EO 62 in June 2024 and it took effect in July.

Tiu Laurel said that Japanese black rice, red rice, basmati, imported glutinous and locally produced rice are exempted from the MSRP.

The agriculture secretary further noted that while some stakeholders have called for a more immediate and substantial reduction, the government wants to avoid destabilizing the rice industry.

"That is the main reason why it has to be a drawdown. When we declared the maximum SRP at P58, a lot of people criticized me as someone living on another planet. But the truth is we have a plan. You cannot just shock the market... a lot of people will go out of business and many will resist our efforts, and that is what we are trying to avoid," he explained.