A new maximum suggested retail price (MSRP) for imported rice may be released soon, while retail prices are expected to be tamed within the month, according to the Department of Agriculture (DA).
In an ambush interview, DA Secretary Francisco Tiu Laurel Jr. said the new MSRP will factor in international rice prices and timely exchange rates.
“We’re trying to find out ‘yung tamang presyo (what’s the right price). We will announce a new MSRP soon after evaluation,” he told reporters on the sidelines of the induction of the new officers of the Economic Journalists Association of Philippines (EJAP) on Monday night.
Tiu Laurel said the PHP43 per kilo MSRP applies to the previous import volume, which arrived in the country before the four-month rice import halt.
For the new MSRP, he said they are now looking into the range and variety of rice as the Philippine peso weakened while international costs vary.
Tiu Laurel said a reasonable price range should be between PHP46 and PHP48/kilo, and not exceed PHP50/kilo.
According to the DA Bantay Presyo (Price Watch), premium imported rice in Metro Manila ranged from PHP50 to PHP62/kilo as of Monday.
“That is too much. But (the) main reason kaya tumaas siya ng ganoon is basically nga ‘yung pagdating ng imported rice natin na-delay (behind the price spike is basically because the arrival of imported rice has been delayed),” Tiu Laurel said.
“Bulk of the imports for January dumating nga ng last week lang (only arrived in the last week) of January.”
The price range of imported well-milled rice, meanwhile, is at PHP43/kilo to PHP50/kilo; and PHP36/kilo to PHP46/kilo for imported regular-milled rice.
Local premium rice is at PHP43/kilo to PHP60/kilo; while the prevailing price for well-milled rice is at PHP45/kilo and regular milled rice at PHP40/kilo.
Tiu Laurel assured that retail prices of rice should be tamed within the coming weeks, considering the arrival of imported rice.
“Things should normalize soon at bababa (and it would go down) within the month,” he said.
As of Feb. 5, 409,377 metric tons (MT) of imported rice were recorded in January, including 361,421.59 MT of regular rice. (PNA)