Manila: The Department of Agriculture (DA) on Monday announced that numerous markets in Metro Manila are complying with the maximum suggested retail price (MSRP) of PHP58 per kilogram for imported rice on the first day of its implementation.

According to Philippines News Agency, the MSRP initiative aims to curb profiteering and stabilize rising rice prices, specifically targeting 5 percent broken imported rice. DA spokesperson Arnel De Mesa expressed satisfaction with the compliance observed in many Metro Manila markets during a morning inspection. He noted that most markets are selling 5 percent broken rice at or below the MSRP, with prices ranging from PHP51 to PHP57.

The DA’s monitoring revealed that 13 out of the 21 inspected markets, including New Las Pi±as City Public Market, New Marulas Public Market, and others, adhered to the PHP58/kg and below pricing. Only two markets, Guadalupe Commercial Complex and Pasay Public Market, were found to sell at slightly higher prices of PHP59 and PHP60, respectively. Six other markets did not have 5 percent broken imported rice available.

De Mesa mentioned a continuous decline in the general prices of imported rice, with special imported rice priced at PHP58/kg, premium rice at PHP55/kg, well-milled at PHP48/kg, and regular-milled at PHP40/kg. He attributed these price adjustments to the DA’s interventions.

Local commercial rice prices, as reported by the DA Bantay Presyo, range from PHP37/kg to PHP50/kg for local regular-milled rice, PHP40/kg to PHP53/kg for well-milled, PHP48/kg to PHP58/kg for premium, and PHP55/kg to PHP63/kg for special local rice.