Agriculture Secretary Francisco P. Tiu Laurel Jr. on Wednesday announced that the maximum suggested retail price (MSRP) for imported rice will be reduced anew on 31 March to P45 per kilo, following a continued easing in global rice prices.
“At this level, the retail price of imported rice has now decreased by P19 per kilo compared to its price before we implemented the MSRP on January 20,” Tiu Laurel said. Before the MSRP was introduced, imported rice sold for P64 per kilo, despite global rice prices softening, tariff reductions, and a stronger peso.
The Philippine Statistics Authority had recognized the MSRP as a key factor in reducing rice prices and helping tame inflation. In fact, the March inflation print of 2.1 percent was unexpectedly lower than both market and central bank forecasts.
The implementation of the MSRP followed consultations with industry stakeholders to ensure the price cuts would not destabilize the rice industry or compromise food security. This initiative fully reflects the decision of President Ferdinand Marcos Jr. to approve a reduction in rice tariffs—from 35 percent to 15 percent—effective July 2024.
In September of last year, India lifted its year-long ban on the export of non-basmati rice, contributing to a global increase in rice supply. As a result, rice prices have dropped to their lowest levels in over two years, with some varieties now priced below USD380 per metric ton.
Prior to the MSRP reduction to P49 per kilo on 1 March, the price of good-quality rice from Vietnam—those with 5 percent broken grains—had already decreased to USD 490 per metric ton, approximately USD 200 cheaper than in December. Vietnam is the Philippines main source of rice. Data from Food Terminal Inc. revealed that the landed cost of imported rice for march 2025 for DT8 variety is 32 to 34 pesos per kilo.
