Manila: The Department of Agriculture (DA) has announced a reduction in the maximum suggested retail price (MSRP) for 5 percent broken imported rice to PHP43 per kg starting July 16, attributing this move to improved global supply and eased geopolitical tensions.

According to Philippines News Agency, Agriculture Secretary Francisco Tiu Laurel Jr. highlighted that the price reduction is influenced by a steady decline in global rice and oil prices, coupled with optimistic harvest forecasts from key producers such as India, Pakistan, and Thailand. The DA had initially planned to decrease the MSRP on July 1, but the plan was postponed due to recent conflicts in the Middle East.

Currently, the MSRP for 5 percent broken imported rice stands at PHP45 per kg, a decrease from the January rate of PHP58 per kg. The Agriculture Secretary also pointed out that favorable palay harvests from major rice-producing countries are contributing to these positive price trends.

Tiu Laurel emphasized that projections for record harvests from India, Pakistan, and Thailand might further enhance global supply and continue to lower prices. As of Wednesday, premium imported rice prices in Metro Manila range from PHP44 to PHP47 per kg, as reported by the DA Bantay Presyo.

Meanwhile, DA Assistant Secretary Arnel de Mesa disclosed that the agency is working on releasing the remaining balance of the Rice Competitiveness Enhancement Fund (RCEF) to aid the upcoming planting season. Despite the collection of PHP34 billion in rice tariffs in 2024, only PHP10 billion was included in the 2025 national budget.

De Mesa detailed that PHP9 billion is earmarked for mechanization and PHP6 billion for inbred seeds, totaling PHP15 billion. The remaining funds are intended for seven projects, including financial assistance for rice farmers, expanded rice credit assistance, and solar-powered irrigation systems, among others. However, the proposed allocation will require the approval of President Ferdinand R. Marcos Jr.