Manila: The prices of retail rice in local markets may decrease further as the Department of Agriculture (DA) plans to lower the maximum suggested retail price (MSRP) for rice and adjust the Rice For All (RFA) varieties.

According to Philippines News Agency, the DA had earlier announced plans to reduce the MSRP for 5 percent broken imported rice from PHP45/kg to PHP43/kg starting July 1. In an ambush interview, DA Secretary Francisco Tiu Laurel Jr. indicated that prices for RFA varieties are also expected to decrease next month. Laurel mentioned a potential drop of PHP1 to PHP2 per kilogram in rice retail prices as a result of these efforts.

The DA aims to finalize the adjusted amounts for the RFA program in the coming discussions, aiming to benefit consumers while ensuring fair profits for farmers. Currently, the price for DA's RFA5 or 5 percent broken rice is PHP43/kg; RFA25 or 25 percent broken is PHP35/kg; and RFA100 or 100 percent broken is PHP33/kg.

Laurel emphasized the availability of both discounted and premium rice, noting that the premium rice would still be sold at a profit but should remain cheaper than regular retail prices. As of June 11, the DA's price monitoring indicated that prevailing prices in Metro Manila stand at PHP45/kg for imported premium and well-milled rice, and PHP40/kg for imported regular-milled rice.

Additionally, the prices for premium imported rice range from PHP44 to PHP50/kg; imported well-milled rice from PHP38 to PHP48/kg; and imported regular-milled rice from PHP35 to PHP45/kg. Meanwhile, premium local rice prices range from PHP44 to PHP60/kg; local well-milled rice from PHP38 to PHP52/kg; and local regular-milled rice from PHP32 to PHP45/kg, with prevailing prices at PHP50, PHP45, and PHP40, respectively.