Manila: The Department of Agriculture (DA) announced plans to implement a PHP53 per kilogram suggested retail price (SRP) for local rice starting next week. This initiative aims to serve as a pricing guide for both retailers and consumers.

According to Philippines News Agency, DA Secretary Francisco Tiu Laurel Jr. emphasized that the SRP is intended as a recommendation rather than a mandate, with a formal memorandum expected next week. Tiu Laurel stated that the PHP53 per kilo SRP is deemed "acceptable" after consultations with stakeholders including rice millers and industry groups. The goal is to strike a balance between ensuring farmers' income and maintaining affordability for consumers.

When discussing the floor price for palay, or unhusked rice, Tiu Laurel noted that the DA can only propose such measures. "Walang floor price for almost anything in free trade," he explained, highlighting that a legal framework would be necessary to enforce a floor price.

In addition to the SRP for local rice, the DA plans to fully implement a PHP50 per kilo price cap on 5 percent broken imported rice. This cap aims to ensure reasonable profit margins for importers, traders, and retailers, considering the PHP37 to PHP38 per kilo landed cost.

As of Thursday, premium imported rice in Metro Manila is priced between PHP48 and PHP60 per kilo. Imported well-milled rice ranges from PHP48 to PHP50 per kilo, while imported regular-milled rice costs PHP42 to PHP43 per kilo. Meanwhile, local premium rice is priced between PHP50 and PHP60 per kilo, with local well-milled and regular-milled rice both at PHP50 per kilo, as reported by the DA Bantay Presyo (Price Watch).