THE Department of Agriculture (DA) foresees a decrease in the price of rice across the country with the strengthening of the peso and the “continuous decline” of the cereal’s prices in the world market.
“Our plan, if this trend continues, by March 31, we might drop the price of imported rice to P45 per kilo,” Agriculture Secretary Francisco Tiu Laurel Jr. disclosed.
He pointed out that the Philippine peso gained against the dollar from P59 to P57 exchange rate.
The price of five percent broken rice from India was set at $425.4 per metric ton (MT); $416 per MT for Vietnam rice; and $458.7 per MT of 25 percent broken for Thailand rice as of January, according to the Food and Agriculture Organization of the United Nations.
The current maximum suggested retail price (MSRP) for five percent broken imported rice was set at P49/kg. on March 1, the fourth reduction since the first MSRP was imposed at P58/kg. on Jan. 20.
Prior to the MSRP implementation, the retail price ranged from P62/kg. to P64/kg.
Laurel said the MSRP has been effective in influencing market prices.
“From vegetables to rice, prices are declining, our MSRP is really working,” He noted.
As of Monday, the prevailing price of premium imported rice in Metro Manila was pegged at P52/kg. P44 to P47 for imported well-milled; and P36 to P46 for imported regular milled.
The price of local premium rice ranges from P45 to P62, P42 to P52 for local well-milled, and P38 to P45 for local regular milled.
Meanwhile, Laurel scored critics of the government’s efforts to address food inflation.
“The two analysts, I think what they said is very unfair. The past administration’s era was different from today’s. Truth be told; what is happening today comes from the lapses of the previous administration,” he said.
Besides the declining vegetable and rice prices, Laurel said the retail prices of fish would also go down within the month.
“Fishing season has begun. So, hopefully, there will be a good catch all over the Philippines, small, medium, and large,” he said.
