- Illustrative photo: iStock
MANILA: The Philippines' Department of Agriculture (DA) on Tuesday (Feb 4) announced its plan to reduce the maximum suggested retail price (MSRP) of imported rice to 55 pesos (US$0.94) per kg from 58 pesos (US$0.99) per kg to provide much-needed relief to Filipino consumers struggling with the high cost of the food staple.
The announcement came one day after Agriculture Secretary Francisco Tiu Laurel declared a food security emergency on rice amid an "extraordinary" rise in local rice prices.
Laurel said he expects a further reduction of the MSRP in the coming weeks, possibly below 50 pesos (US$0.86) per kg by early March.
"After this reduction, we plan to lower it further to 52 pesos (US$0.89) per kg by mid-February and then to 49 pesos (US$0.84) per kg two weeks after.
"This should reflect the lower global prices of rice and the reduced tariff," Laurel said.
The price reduction comes amid efforts by the Philippines to stabilise rice prices and alleviate inflationary pressures on essential commodities.
The decision follows extensive consultations with rice industry stakeholders, including importers and retailers, to ensure that the price decrease will benefit consumers without negatively affecting the rice supply, the DA said. - Xinhua
