THE Department of Agriculture (DA) is mulling over another cut to the maximum suggested retail price (MSRP) for imported rice to P43 per kilo as part of efforts to tame inflation further.
Agriculture Secretary Francisco Tiu Laurel Jr. confirmed that the agency is looking at reducing the MSRP for imported rice from the current P45 per kilo by July 1.
“We are expanding the reach of the P20 rice program and are studying a reduction in the [MSRP] for imported rice, the national staple that dominates Filipino tables, especially among the poor,” Laurel said in a statement.
The Philippine Statistics Authority (PSA) on Thursday reported that headline inflation slowed to 1.3 percent in May, the lowest since the 1.2 percent recorded in November 2019.
“This deceleration was largely driven by a steady decline in rice prices, an area the DA has targeted through various initiatives.”
The DA noted that, according to Economic Planning Undersecretary and National Statistician Claire Dennis Mapa, the P20 per kilo rice program’s rollout and the recent adjustments in retail rice prices are “expected to influence inflation through at least August.”
In April, Laurel noted that the P45 per kilo MSRP would be the last adjustment over the next two months due to the slump in farmgate prices of palay.
He explained that the break in MSRP cuts for imported rice would prevent traders from speculating that the agency would further adjust it downward, thus allowing farmers to earn more.
The DA chief said the agency is also reassessing its approach to the swine industry, revising previous measures to keep pork prices affordable.
In a recent move, Laurel said the government is eyeing to reinstate the MSRP for pork as early as end-July, which would involve the Food Terminal Inc. (FTI) intervening in the market to bolster competition that could pull down prices of the protein source.
Meanwhile, the DA announced that the government launched three new Kadiwa centers in Bacolod City, offering low-cost produce, including the cheaper rice program.
This brings the total number of P20 rice outlets to 87, exceeding the original target of 55 outlets by end-June, it added.
The government launched the P20 per kilo rice program last month in its bid to free up National Food Authority (NFA) warehouses and ensure stable prices, which could benefit up to 60 million Filipinos
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