RICE TO COST P49 PER KILO BY MARCH 1 – DA

COMMERCIAL rice prices are projected to drop to P49 per kilo by March 1, Agriculture Secretary Francisco Tiu Laurel announced on Monday.

New stocks of rice are expected to arrive from Vietnam, Myanmar, or Cambodia, Laurel said during a Palace press briefing.

He stressed that the Department of Agriculture (DA) had discussions with rice importers, traders, and retailers, conveying its request for them to reduce rice prices to more reasonable levels.

The current Manufacturer’s Suggested Retail Price (MSRP) is P55 per kilo, following the DA’s approval to allow the disposal of old stocks.

“By February 15 ngayon, ang MSRP natin will be P52. By March 1, hopefully nakabili na sila ng bagong stocks mula sa Vietnam or Myanmar or Cambodia na mas mura, kaya ang MSRP natin by March 1 is P49,” Laurel said.

“Iyong mga premium five percent broken na rice na dating P64, dapat iyan ay bumaba iyan ng P49 by March 1 as MSRP,” the DA head said.

Laurel said the reason for the drop in prices is twofold. One factor is that traders and retailers are responding to the government’s call to reduce their excess profits and align prices with those in the world market.

In June of last year, President Ferdinand R. Marcos Jr. issued Executive Order (EO) 62, which modified the nomenclature and tariff rates on various products to ensure a continuous supply of goods and to protect the purchasing power of the Filipino people.

Laurel said the government’s target price for triggering an adjustment in the rice tariff would be between P42 and P45 per kilo.

“Puwede ng i-review at i-recommend for restoration or maybe not a full restoration, it can be from 15 to 20 or 15 to 25 or full 35 (percent). Depende na sa sitwasyon. Depende sa consultations with everybody,” Laurel said.