DA: Rice to drop to P49 per kilo by March 1 

Commercial rice prices are expected to drop to P49 per kilo by March 1 as new stocks arrive from Vietnam, Myanmar, or Cambodia, Agriculture Secretary Francisco Laurel announced Monday, Feb. 10.

Currently priced at P55 per kilo, the Manufacturer’s Suggested Retail Price (MSRP) will decrease to P52 by February 15 and P49 by March 1, Laurel said in a Palace briefing. 

He urged importers, traders, and retailers to lower prices in line with global market rates.

Premium 5% broken rice, previously at P64 per kilo, should also drop to P49, the secretary added.

Laurel said the price reduction is driven by traders reducing excess profits and aligning with world prices. The government is also reviewing rice tariff adjustments, targeting a price range of P42 to P45 per kilo before implementing changes.

In June 2024, President Ferdinand Marcos Jr. issued Executive Order No. 62, modifying tariff rates to ensure a stable supply and protect consumers’ purchasing power. 

Laurel said tariff adjustments, ranging from 15% to 35%, will depend on further consultations.IMT