RICE WATCH Rice vendor Eddie Pascual waits for customers at his stall in Marikina Public Market. —GRIG C. MONTEGRANDE
The Department of Agriculture (DA) announced Wednesday the lowering of the maximum suggested retail price (MSRP) for imported rice to P45 from P49 a kilo effective March 31.
In a statement, the agency said the MSRP was reduced in response to the softening of global rice prices.
“At this level, the retail price of imported rice has now decreased by P19 per kilo compared to its price before we implemented the MSRP on January 20,” Agriculture Secretary Francisco Tiu Laurel Jr. said.
The DA first implemented the MSRP in January, as retail prices remained elevated despite slashing the tariff on imported rice to 15 percent and declining global prices.
READ: Philippines seen to reduce rice imports this year
