The Department of Agriculture will impose a suggested retail price of P53 per kilo for local rice after reaching a deal with industry stakeholders.
DA Secretary Francisco Tiu Laurel Jr. said the price serves as a guide for consumers on fair local rice prices rather than a price ceiling. The move aims to balance farmers’ profits and consumers’ budgets.
The SRP positions local rice slightly above imported five-percent broken rice, which carries a P50 per kilo cap for 30 days starting May 15. Tiu Laurel noted the cap was calibrated using landed import costs of P37 to P38 per kilo.
Full enforcement of the imported rice price cap of P50 will start next week to give retailers and consumers time to adjust.