Starting Wednesday, 5 February, the maximum suggested retail price of imported rice will be cut to P55 per kilo from P58 per kilo, according to the Department of Agriculture (DA).
In a statement on Tuesday, Agriculture Secretary Francisco P. Tiu Laurel Jr. said he is expecting a further reduction in the staple’s retail price in the coming weeks, potentially lowering it to below P50 per kilo by early March.
“After this reduction, we plan to lower it further to P52 a kilo by mid-February and then to P49 per kilo two weeks after. This should reflect the lower global prices of rice and the reduced tariff,” Laurel added.
This price reduction, which followed extensive consultations with stakeholders, comes after high rice prices in the country. The reduction aims to stabilize rice prices and alleviate inflationary pressures on basic commodities.
Moreover, the DA said it will continue to closely monitor rice supply and market conditions.