Manila: Agriculture Secretary Francisco Tiu Laurel Jr. announced that the PHP58 per kilogram maximum suggested retail price (MSRP) for imported rice is a preliminary measure, with potential reductions to PHP50/kg by March depending on global rice prices. The MSRP is set to be enforced starting January 20 in Metro Manila to combat profiteering and stabilize rising retail rice prices.

According to Philippines News Agency, Tiu Laurel clarified during a joint market inspection with the Department of Trade and Industry that the MSRP will undergo regular reviews and adjustments to safeguard the interests of consumers and stakeholders across the value chain. He emphasized that the initial PHP58 is not fixed and may decrease to PHP55 and then to PHP52 within weeks if conditions allow.

Tiu Laurel explained that a drop in global rice prices could facilitate the reduction to PHP50/kg. The adjustment period is intended to allow importers and retailers to renegotiate contracts within the value chain. The Department of Agriculture (DA) anticipates a lower MSRP due to declining global prices, specifically for Vietnamese rice, with Vietnam Food Association data showing significant price drops as of December 10, 2024.

The PHP10 profit margin was set as a starting point at the request of stakeholders, with plans to reduce it to PHP8 by March. This announcement comes in response to criticism from legislators and groups over the high profit margin given the low landed cost of imported rice. Currently, rice prices in Metro Manila range from PHP37/kg to PHP65/kg, depending on type and quality.

Tiu Laurel also revealed that the MSRP implementation will require retail stores to use rice labels indicating the origin, type, broken percentage, and importer or miller information. The labeling process is expected to be completed by the first week of February, with MSRP set for each rice type.