By TED CORDERO, GMA Integrated News

The Department of Agriculture (DA) is reducing further the maximum suggested retail price (MSRP) of imported rice to reflect the decline in the prices of the grain staple in the global market.

In a statement issued Wednesday, Agriculture Secretary Francisco Tiu Laurel Jr. said the MSRP for imported rice will be reduced to P45 per kilo from the current P49 per kilo, starting March 31.

“At this level, the retail price of imported rice has now decreased by P19 per kilo compared to its price before we implemented the MSRP on January 20,” Tiu Laurel said.

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 is 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 President Ferdinand Marcos Jr. to slash rice tariffs 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 cost of the rice continued its deceleration streak for the second straight month in February 2025 amid the continuous effects of declining global prices, reduction in rice import tariffs last year as well the impact of the declaration of food emergency security to tame the grain’s retail prices.

The Philippine Statistics Authority reported a year-on-year contraction in rice inflation of -4.9% last month, a steeper decline compared to the -2.3% deflation seen in January 2025.

Tiu Laurel noted that the implementation of the MSRP for imported rice followed consultations with industry stakeholders to ensure that price reductions would not destabilize the rice industry or compromise food security.

Prior to the MSRP for imported rice’s reduction to P49 per kilo on March 1, the price of good-quality rice from Vietnam—those with 5% broken grains—had already decreased to $490 per metric ton, approximately $200 cheaper than in December, said the DA chief.

Vietnam is the Philippines main source of rice. — RSJ, GMA Integrated News

Published Date: March 26, 2025