Nelson Morales

P45 per kilo 'maximum suggested retail price' for imported rice possible: Agri dept

Workers unload sacks of rice from Thailand into a warehouse in Tondo, Manila on June 23, 2022. In a report by the United States Department of Agriculture’s Foreign Agriculture Service, the Philippines is forecast to import 2.8 million metric tons (MT) of rice for market year 2022/2023 with importation “expected to remain important in maintaining food security,” as it projected an increase in consumption due to a growing population. George Calvelo, ABS-CBN News

Article (news)

Andrea Taguines

ABS-CBN News

MANILA -  The Department of Agriculture (DA) said on Monday that it is looking to impose an even lower maximum suggested retail price (MSRP) on imported rice following a significant drop in global rice prices.The MSRP for at least one variety may even go as low as P45 a kilo, as some groups clamored for, according to the agency.The DA earlier announced that it would set a P58 per kilo MSRP for imported rice in Metro Manila markets starting on January 20, 2025.But DA Spokesperson Arnel De Mesa said they are now recomputing this in light of recent importation price figures. International rice prices have gone down significantly since December, De MEsa said.He noted that the 5 percent broken variety from Vietnam had gone down to $434 per metric ton as of Jan. 10, from $510 per tonne in December. The price of the 25 percent broken rice variety also went down to $409 per tonne this month from $454 last month.“Which means to say, yung ating MSRP for imported rice for 5 percent and 25 percent broken rice, most likely sa mga susunod na araw, will further go down. Siguro kung bababa rin yung exchange rate, medyo mataas konti, mas lalo pang mate-tame ,” added De Mesa.De Mesa said imported rice from Thailand and India also went down, although not as much as those from Vietnam.This trend is expected to continue for the rest of January.De Mesa added that the MSRP for 25 percent broken rice may even hit the P45 per kilo mark that agriculture group SINAG is clamoring for.Last week, agriculture group SINAG said the MSRP imported rice prices should already be at around P42-P45 as a result of Executive Order No. 62, which cut the rice import tariff from 35 percent to 15 percent.<div>POSSIBLE LIFTING OF EO 62</div>Since global rice prices are falling, the DA is now also studying the possible lifting of EO 62.“Nung nag-usap kami, kino-compare kung walang reduction sa tariff, ano yung epekto sa presyo, kung meron, anong epekto. Lahat ng possible scenarios ay pinag-aaralan,” he said.But he noted that this will have to be discussed with other relevant agencies.“We need to consult with other economic managers. Hindi lang naman DA,” he said.<div><iframe width="640" height="360" src="https://www.youtube.com/embed/iGcYRs5phAA?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe> </div>

The Department of Agriculture said it may impose an even lower maximum suggested retail price on imported rice following a significant drop in global rice prices.

The Department of Agriculture said it may impose an even lower maximum suggested retail price on imported rice following a significant drop in global rice prices.