Agriculture Secretary Francisco Tiu Laurel Jr. on Monday said commercial rice prices in the Philippines are expected to decline to P49 per kilo by March 1 as new stocks arrive from Vietnam, Myanmar, and Cambodia.
Speaking at a Palace press briefing, Tiu Laurel said the Department of Agriculture (DA) had coordinated with rice importers, traders, and retailers to lower prices.
The current Manufacturer’s Suggested Retail Price (MSRP) is P55 per kilo, which will drop to P52 by February 15 before reaching P49 by March 1.
“Hopefully, they have already purchased new stocks from Vietnam, Myanmar, or Cambodia at lower prices… That’s why the MSRP by March 1 is P49,” Tiu Laurel said.
The price drop is attributed to traders and retailers responding to government efforts to curb excessive profits and align with global market rates.
Meanwhile, the government is set to distribute rice stocks to local government units (LGUs) next week following the DA’s declaration of a food security emergency. More than 50 LGUs have expressed interest in procuring rice at lower prices under the emergency measure.