Manila: The Department of Agriculture (DA) has announced that the maximum suggested retail price (MSRP) for rice may see a reduction by the end of March, dropping to PHP45 per kilogram. This potential decrease is attributed to the ongoing decline in global rice prices and the strengthening of the Philippine peso.
According to Philippines News Agency, DA Secretary Francisco Tiu Laurel Jr. stated in a recent interview that if current trends continue, the price of imported rice with 5 percent broken grains could be reduced to PHP45/kg by March 31. The peso has recently strengthened to PHP57 against the dollar, an improvement from its previous level of PHP59.
The Food and Agriculture Organization of the United Nations reported January prices for 5 percent broken rice as USD425.4 per metric ton from India, USD416 per metric ton from Vietnam, and USD458.7 per metric ton for 25 percent broken rice from Thailand. The current MSRP for 5 percent broken imported rice was set at PHP49/kg on March 1, marking the fourth reduction since the initial MSRP of PHP58/kg was imposed on January 20. Prior to the MSRP implementation, retail prices ranged from PHP62/kg to PHP64/kg.
Secretary Tiu Laurel noted the effectiveness of the MSRP in influencing market prices, citing a decline in the prices of various commodities, including vegetables and rice. As of the latest data, the prevailing price of premium imported rice in Metro Manila is PHP52/kg, with a range between PHP48/kg and PHP55/kg. Imported well-milled rice is priced at PHP44/kg to PHP47/kg, while imported regular milled rice ranges from PHP36/kg to PHP46/kg. Local premium and well-milled rice are priced from PHP45/kg to PHP62/kg and PHP42/kg to PHP52/kg, respectively, whereas local regular milled rice ranges from PHP38/kg to PHP45/kg.
In addressing food inflation concerns, Tiu Laurel responded to critics by highlighting the effectiveness of the government's measures and differentiating the current administration's approach from that of the previous one. He also mentioned an expected decrease in fish prices within the month, attributing it to the start of the fishing season and a hopeful increase in catch by fishermen across the Philippines. Tiu Laurel anticipates a significant reduction in fish prices by mid to late March.
