DA eyes P53/kilo SRP for local rice

MANILA, Philippines — The Department of Agriculture (DA) is looking to implement a suggested retail price (SRP) for locally grown rice at P53 per kilo.

Agriculture Secretary Francisco Tiu Laurel Jr. said the DA is reviewing plans to carry out an SRP for the country’s staple food, noting that prices may vary across regions.

“The computations, as of the moment, is about P53 per kilo, we’re just finalizing the figures,” he told reporters.

Tiu Laurel added that the agency is currently consulting with regional stakeholders on how much the SRP will be in specific regions.

“Maybe this will be more regional. We’re studying it well because we don’t want our millers and local rice traders to be affected,” he said.

The move is expected to further cushion the impact of rising food prices amid the ongoing fuel crisis stemming from the war in the Middle East.

A kilo of regular milled rice averaged at P45.38 in Metro Manila markets, while regular milled retailed at P50.19 per kilo, according to the DA’s price monitoring as of May 16.

“Definitely, it’s non-binding. It will be just a suggestion to guide our consumers on what the price should be,” Tiu Laurel said.

The agriculture chief added he expects the price cap for imported rice to remain in effect for up to two months, as the effects of the energy crisis may still affect the country until the end of the year.

“Even if the war is over there, the effect of the crisis is not limited to 30 days, it might affect us till the end of the year. So, there is a good chance that the price cut may be extended for another month or two,” he said.

Executive Order 118, signed by President Marcos last week, imposed a P50-per-kilo cap on five percent broken imported rice for a period of 30 days.

The move was meant to address “price increases, prevent market abuse and ensure the availability of affordable rice while maintaining market stability.”