The Department of Agriculture (DA) will impose a maximum suggested retail price (MSRP) for imported rice to stabilize market prices and curb profiteering.
“There should be no more ₱60/kg imported rice in the market… ₱60/kg imported rice is already profiteering, in my opinion,” said DA Secretary Francisco Tiu-Laurel Jr.
He said to finalize the MSRP guidelines, the DA is working with the Department of Trade and Industry, the Bureau of Plant Industry and the Bureau of Internal Revenue.
The guidelines are expected to be released before the end of January this year.
The Philippines is expected to remain as the world’s largest rice importer. Projections show that rice imports would reach a record 4.7 million metric tons in 2024 and 4.9 million metric tons in 2025.
The rise is attributed to challenges such as El Niño, La Niña and typhoons that disrupted local production.
The government is pursuing international agreements to augment local supply.
Negotiations with Pakistan and India aim to import at least 2 million metric tons of milled rice by June 2025.
The Philippines is also strengthening ties with Vietnam, its largest rice supplier, to secure a stable supply of the staple grain.
The DA’s forthcoming MSRP policy intends to protect consumers from overpricing while ensuring imported rice remains affordable.
