The Department of Agriculture (DA) said on Monday, 19 May, that it plans to set the suggested retail price (SRP) for local rice at P53 per kilo, with Agriculture Secretary Francisco Tiu Laurel Jr. saying the proposal had already been agreed upon by stakeholders in the rice industry.
According to Laurel, the proposed SRP aims to balance the interests of both farmers and consumers by ensuring affordability while protecting farmers’ income.
He clarified, however, that the proposed P53 SRP is not a price ceiling but merely a guide for a fair retail price in the local market.
Laurel added that he had already consulted rice millers and industry groups regarding the proposed SRP, and they found the amount acceptable. He noted that market players may still lower prices to allow reasonable margins for others in the value chain.
The DA also said the proposed local SRP was positioned slightly above the price of imported 5-percent broken rice, which President Ferdinand Marcos Jr. capped at P50 per kilo for 30 days beginning 14 May.
Meanwhile, the full implementation of the P50 price cap will begin next week to give consumers and retailers time to adjust. The DA said it is also preparing to release a memorandum detailing the proposed P53 SRP.
