The Department of Agriculture (DA) said it will push for the reduction of the maximum suggested retail price (MSRP) for imported rice on July 16.
Agriculture Secretary Francisco Tiu Laurel Jr. said in a statement on Thursday the MSRP for imported rice will be reduced to P43 per kilogram from the current P45.
The DA said the MSRP adjustment will apply specifically to the 5-percent broken variety, the most commonly consumed among all varieties of imported rice.
The agency had initially planned to pursue the adjustment on July 1 but postponed the rollout due to heightened volatility in global commodity markets driven by escalating tensions in the Middle East.
Since tensions in the region have been easing following a ceasefire agreement between Israel and Iran, global rice price conditions have stabilized enough to resume planned price interventions, the DA said.
“Global rice prices have since declined, alongside softening oil prices… We are also seeing positive projections for record harvests from key producers like India, Pakistan, and Thailand. These developments could improve global supply and help pull prices further down,” Tiu Laurel said.
Tiu Laurel highlighted the indirect “but critical role of oil in farm input costs.”
While crude oil itself is not used in fertilizer manufacturing, its byproduct, natural gas, is vital in producing ammonia, which in turn is a key ingredient in nitrogen-based fertilizers, he explained.
Meanwhile, Tiu Laurel said the DA has been finalizing plans to introduce MSRPs for imported pork in August and potentially for chicken by September in order to further moderate retail prices amid tight domestic meat supply caused by ongoing animal disease outbreaks.
