MSRP will remain during freeze on rice imports – BusinessWorld Online
THE maximum suggested retail price (MSRP) for imported rice will remain in place during the two-month suspension of rice imports ordered by President Ferdinand R. Marcos, Jr., the Department of Agriculture (DA) said on Thursday.
“We will maintain the MSRP even during the two-month rice import ban,” Agriculture Secretary Francisco P. Tiu Laurel, Jr. said.
The MSRP for 5% broken-grain imported rice was reduced to P43 per kilo from P45 on July 16.
Mr. Marcos suspended rice imports between September and October to stabilize palay (unmilled rice) prices, which have reportedly fallen to as low as P8 per kilo in parts of the country. The DA said farmers cannot recover their production costs at this level.
The DA said the duration of the import freeze may be adjusted depending on price movements and the outcome of the main harvest in the coming months.
Specialty rice varieties, such as Japanese, black, and basmati rice are exempt from the ban.
The Bureau of Plant Industry reported that imported rice landed between January and July amounted to 2,443, 337.556 metric tons, with pending Sanitary and Phytosanitary Import Clearances covering an estimated 300,000 metric tons.
Philippine consumption is roughly 9.8 kgs of rice per person per month (325.5 grams/day), according to the Philippine Statistics Authority.
Under the Rice Tariffication Law, Mr. Marcos has the authority to halt rice imports to provide relief to farmers and stabilize market prices.
The DA said it “remains prepared to adjust policies if supply tightens.” — Kyle Aristophere T. Atienza
