Agriculture Secretary Francisco Tiu Laurel Jr. announced on Wednesday that the maximum suggested retail price (MSRP) for imported rice will be reduced to PHP45 per kilo on March 31, following a continued decline in global rice prices.
“At this level, the retail price of imported rice has now decreased by PHP19 per kilo compared to its price before we implemented the MSRP on January 20,” Tiu Laurel said.
Before the MSRP was introduced, imported rice was sold at PHP64 per kilo despite softening global prices, tariff reductions, and a stronger peso. The Philippine Statistics Authority recognized the MSRP as a key factor in lowering rice prices and curbing inflation.
The reduction aligns with President Ferdinand R. Marcos Jr.’s approval of a rice tariff cut from 35 percent to 15 percent, effective July 2024. India’s lifting of its non-Basmati rice export ban last September also contributed to a global supply increase, pushing rice prices to their lowest in over two years, with some varieties now priced below USD380 per metric ton.
Vietnam, the Philippines’ main rice supplier, has seen a significant price drop, with good-quality rice (5 percent broken grains) now at USD490 per metric ton—USD200 lower than in December.
Food Terminal Inc. data shows the landed cost of imported rice for March 2025 at PHP32 to PHP34 per kilo for the DT8 variety.