Agriculture Secretary Francisco P. Tiu Laurel Jr. said Monday the Department of Agriculture (DA) is delaying a plan to reduce the maximum suggested retail price (MSRP) of imported rice next month, citing growing volatility in global markets sparked by escalating conflict in the Middle East.
The DA had previously planned to lower the MSRP of 5 percent broken imported rice from P45 to P43 per kilo starting July 1.
“We’ll likely delay the rollout by a month or two to gain a clearer picture of where global prices are heading,” Tiu Laurel said.
The agriculture chief pointed to the heightened geopolitical risks following the U.S. airstrikes on three nuclear sites in Iran—actions that threaten to expand the Israel-Iran conflict further across the region. The Middle East remains a major source of global oil supply.
Although crude oil is not directly used to manufacture fertilizer, natural gas—a key byproduct of oil refining—is essential for producing ammonia, a core ingredient in nitrogen-based fertilizers. Rising oil prices also mean higher transportation costs for fertilizers and other agricultural inputs.
Oil prices have surged in recent days, particularly after Iran threatened to close the Strait of Hormuz, a critical chokepoint for global crude shipments.
Tiu Laurel also said the DA still plans to introduce an MSRP for imported pork in August, though the final pricing will be determined closer to the rollout. “The market is extremely fluid. Any forecast I make now might not be accurate even an hour later,” he noted.
The secretary warned that surging oil prices could have a cascading effect across the agricultural sector. Fisherfolk are already feeling the pinch from higher fuel prices, while farmers could see increased fertilizer costs next year—although the current planting season is covered by existing DA-procured supply. Meanwhile, elevated freight costs are expected to push up the prices of imported food products.
