Lowering of imported rice MSRP to push through on July 16 —DA
In a statement, Agriculture Secretary Francisco Tiu Laurel Jr. said the MSRP of imported rice will be lowered to P43 per kilo from the current P45.
The DA's retail price ceiling for the imported grain applies specifically to the 5% broken variety, which is the most commonly consumed variety of imported rice.
The Agriculture Department delayed the reduction of imported rice MSRP on the back of the volatility in global markets as tensions escalate in the Middle East.
With tensions now easing, following a ceasefire agreement between Israel and Iran, Tiu Laurel said global conditions have stabilized enough to resume the planned rice price interventions.
'Global rice prices have since declined, alongside softening oil prices,' said Tiu Laurel.
'We are also seeing positive projections for record harvests from key producers like India, Pakistan, and Thailand. These developments could improve global supply and help pull prices further down,' the Agriculture chief said.
Tiu Laurel said implementation of MSRP of imported rice supports the broader strategy of President Ferdinand Marcos Jr. to make the food grain more affordable, as by Executive Order 62, which slashed rice tariffs to 15% from 35%.
The DA first introduced the MSRP on January 20, setting an initial price of P58 per kilo.
The imposition of an MSRP on imported rice was described by the DA as a 'non-coercive' measure aimed at steering retail prices of imported rice to reflect the steady decline in world market prices and the decision of the President to slash the rice tariff rate from 35% to 15%.
The DA has since gradually reduced the MSRP to ease the transition for the rice industry.
Before the introduction of MSRP, imported rice was sold for P64 per kilo, despite global rice prices softening, tariff reductions, and a stronger peso, according to the DA chief.
In September of last year, India lifted its year-long ban on the export of non-basmati rice, contributing to a global increase in rice supply.
This resulted in a drop in global rice prices to their lowest levels in over two years, with some varieties now priced below $380 per metric ton, according to the Agriculture chief.
Meanwhile, the DA is also finalizing plans to introduce MSRPs for imported pork in August and potentially for chicken by September as it aims to moderate retail prices amid tight domestic meat supply caused by ongoing animal disease outbreaks. —VAL, GMA Integrated News
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