Rice prices in the Philippines are expected to decrease to ₱49 per kilo by March 1, according to Agriculture Secretary Francisco Tiu Laurel. This projection follows anticipated rice shipments from Vietnam, Myanmar, or Cambodia.
During a Palace press briefing on Monday, Secretary Laurel explained that the Department of Agriculture (DA) has been in discussions with rice importers, traders, and retailers, urging them to lower prices to more affordable levels.
The current Manufacturer’s Suggested Retail Price (MSRP) is ₱55 per kilo, following the DA’s approval to release older rice stocks. This price is set to drop to ₱52 per kilo by February 15.
“By February 15, our MSRP will be ₱52. By March 1, hopefully, they will have purchased new stocks from Vietnam or Myanmar or Cambodia at a lower cost, so our MSRP by March 1 is ₱49,” Laurel said. He specifically mentioned that the premium five percent broken rice, previously priced at ₱64, should also see a decrease to ₱49 by March 1 as the MSRP.
Secretary Laurel attributed the projected price drop to two main factors. First, traders and retailers are responding to the government’s appeal to reduce their profit margins and align prices with global market rates. Second, new, more affordable rice imports are expected to arrive.
President Ferdinand R. Marcos Jr. issued Executive Order 62 in June of last year, modifying tariff rates on various products to ensure a stable supply of goods and protect consumer purchasing power. This order plays a role in the government’s efforts to manage rice prices.
The government has set a target price range of ₱42 to ₱45 per kilo for triggering a review of rice tariffs. Laurel explained that if prices fall within this range, the government could consider adjusting tariffs. “It can be reviewed and recommended for restoration, or maybe not a full restoration. It can be from 15 to 20 or 15 to 25 or a full 35 (percent). It depends on the situation. It depends on consultations with everyone,” Laurel stated.
