Manila: The Department of Agriculture (DA) announced plans to implement a PHP53 per kilogram suggested retail price (SRP) for local rice, aiming to stabilize market prices and ensure fairness. This move follows President Ferdinand R. Marcos Jr.'s approval of a PHP50 per kilogram price cap for 5 percent broken imported rice, effective for 30 days starting May 15.

According to Philippines News Agency, DA Secretary Francisco Tiu Laurel Jr. stated that the SRP order for local rice will be released soon after consultations with stakeholders. 'I've consulted rice millers and industry groups, and PHP53 per kilo is acceptable,' said Laurel, emphasizing that the SRP is designed to protect consumers while balancing farmers' income.

Laurel clarified that the SRP is not a price ceiling but a guide for fair pricing of local rice, allowing market players to sell at lower prices if they choose. This approach enables others in the value chain to earn reasonable margins. For imported rice, Laurel mentioned that the full enforcement of the PHP50 price cap will begin next week, providing time for retailers and consumers to adjust to the changes.

Currently, premium imported rice in Metro Manila is priced between PHP48 and PHP65 per kilo. Imported well-milled rice ranges from PHP48 to PHP52 per kilo, while imported regular-milled rice sells for PHP42 to PHP43 per kilo, as reported by the DA Bantay Presyo (Price Watch). Local premium rice is priced between PHP50 and PHP60 per kilo, with local well-milled and regular-milled rice both set at PHP50 per kilo.