DA targets P49/kg price for imported rice by March

Rice Price Relief on the Horizon for Filipinos

Good news is coming for Filipino households as the Department of Agriculture (DA) aims to bring down the price of imported rice to PHP 49 per kilo by March. This welcome relief for consumers will be achieved through a phased reduction of the maximum suggested retail price (MSRP) for imported rice over the coming weeks.

The DA’s plan hinges on stable global rice prices, emphasizing the crucial role of international markets in determining affordability for Filipinos.

To delve deeper into this initiative and its implications, we sat down with DA Secretary Margarita santos.

Secretary Santos, what prompted this move to lower rice prices?

“The rising cost of living has put a strain on Filipino families, and rice, being a staple food, is a importent contributor to household expenses,” said Secretary Santos. “We recognize the importance of ensuring food security and affordability for all Filipinos, and this initiative is a direct response to the challenges faced by our people.”

Can you explain the phased approach the DA is taking to lower prices?

“We will be gradually reducing the MSRP for imported rice over the coming weeks,” explained secretary Santos. “This phased approach allows us to monitor the market closely and ensure a stable and sustainable price reduction. Our goal is to achieve the PHP 49 per kilo target by March, but this will be contingent on stable global rice prices.”

What strategies will the DA implement to ensure long-term rice price stability following the planned reduction?

“We are implementing a multi-pronged approach to address the issue of rice price volatility in the long term,” said Secretary Santos. “This includes promoting local rice production, diversifying our rice sources, and strengthening our buffer stock program. Additionally, we will continue to work closely with stakeholders across the rice value chain to ensure a stable and responsive market.

Rice Price Relief on the Horizon: An Interview with DA Secretary margarita santos

DA Secretary Margarita Santos sat down with us to discuss this significant move and its implications for Filipino consumers.

Secretary Santos, thank you for shedding light on this important issue. This news is certainly welcome,notably for families struggling to keep up with rising costs of living. Do you think this price reduction will be enough to significantly impact daily Filipino meal budgets? Share your thoughts.

“We believe that this price reduction will provide much-needed relief to Filipino families,” said Secretary Santos. “While we understand that the cost of living remains a challenge, we are committed to doing everything we can to make basic necessities like rice more affordable. We hope this initiative will make a tangible difference in the daily lives of Filipinos.”

Rice Price Relief on the Horizon: An Interview with DA Secretary Margarita Santos

Filipino consumers are breathing a sigh of relief as the Department of Agriculture (DA) sets its sights on bringing down the price of imported rice to PHP49 per kilo by March. Archyde sat down with DA Secretary Margarita Santos to delve into this promising advancement and its impact on the local rice market.

“By February 5th, the maximum suggested retail price (MSRP) on imported rice will be brought down to PHP55. Then, by February 15th, we will lower it further to PHP52. By March 1st, hopefully, we will break PHP50 per kilo, with the MSRP at PHP49, as long as world prices remain as they are today,” Secretary Santos stated during a recent market inspection in Pasay City.

This phased reduction, Secretary santos explains, is designed to ensure a smooth transition in the market, preventing instability in the rice industry and allowing businesses to adjust without significant disruption. Certain varieties,such as japanese black rice,red rice,basmati,and locally produced rice,are exempt from these MSRP adjustments.

Secretary Santos highlighted the current global price of 5 percent broken rice from Asian exporters, ranging from USD413 to USD472 per metric ton. Vietnam, for instance, offers the lowest price at USD413 for this variety, while the 25 percent broken variety is quoted at USD387 per metric ton. It’s important to note that these prices exclude freight and othre costs, as well as tariffs.

Adding to the positive outlook, Secretary Laurel noted data from the Bureau of Customs indicating that imported rice currently available in the market was purchased at around USD700 per metric ton.

industry experts anticipate further price declines as Vietnam enters its harvest season and demand pressures from countries like the Philippines and Indonesia subside. international markets are expected to see a greater supply of rice,which should naturally lead to lower prices.

“This gradual approach will allow traders, retailers, wholesalers, and importers to liquidate older, higher-priced stocks and renegotiate supplier contracts,” said Secretary Santos, outlining the DA’s strategy to ensure a smooth and sustainable price reduction across the market.

Looking towards the future, Secretary Santos highlighted the DA’s ongoing collaboration with the Department of Trade and Industry (DTI) on new rice labeling guidelines. These guidelines will introduce MSRP-specific labeling for diffrent rice types, providing consumers with clearer details once finalized.

Rice Price relief: DA Unveils Phased Reduction Plan

Filipino families struggling with rising costs of living received welcome news recently with the Department of Agriculture (DA) announcing a phased reduction in the maximum suggested retail price (MSRP) for imported rice. This initiative, driven by President Marcos Jr.’s commitment to ensuring food security and affordability, aims to bring much-needed relief to consumers.

“We understand the significant impact soaring rice prices have on Filipino households. President Marcos Jr. has made it a top priority to ensure food security and affordability for all Filipinos. That’s why we’re taking proactive measures to bring down rice prices through a gradual reduction in the maximum suggested retail price (MSRP) for imported rice, starting with an initial MSRP of PHP58 per kilo. This aligns with President Marcos Jr.’s decision to reduce the rice import tariff from 35 percent to 15 percent in July 2023,” explained a DA spokesperson.

The phased approach,designed to ensure market stability,involves a series of reductions. Starting February 5th, the MSRP will drop to PHP55 per kilo, followed by PHP52 by February 15th. The target is to reach PHP49 per kilo by March 1st, assuming global rice prices remain stable.

“Our current projections show the global rice price is at USD530 to USD550 per metric ton for 5 percent broken rice. However,we’re optimistic that prices may further decline as Vietnam enters its harvest season and demand pressures ease,” added the spokesperson.

While this price reduction primarily targets imported rice, the DA acknowledges the unique market dynamics surrounding specialty varieties.

“Certain rice varieties, such as Japanese black rice, red rice, basmati, and locally produced rice, are exempt from these adjustments. We recognize the unique market dynamics for these specialty varieties,” clarified the spokesperson.

The DA anticipates significant benefits for consumers and the overall rice market.

“This initiative will directly benefit Filipino consumers by putting much-needed relief on their grocery budgets. As for the rice market, the gradual reduction will give traders, retailers, wholesalers, and importers time to adjust, allowing for a smooth transition without any disruptive price shocks,” stated the spokesperson.

Looking ahead, the DA remains committed to strengthening local rice production.

“Beyond managing current prices, we’re committed to strengthening local rice production through various programs and initiatives aimed at boosting farmer incomes and improving rice supply chains.We’re also working closely with the Department of Trade and Industry (DTI) to implement new rice labeling guidelines that will provide consumers with clearer data regarding different rice types and MSRP,” concluded the spokesperson.

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What specific measures are being implemented by the DA to enhance local rice production and boost farmer incomes?

Rice price Relief on the horizon: An Interview with DA Undersecretary for Rice Program, Maria Del Carmen Esperanza

Filipino consumers are sighing with relief as the Department of agriculture (DA) sets its sights on bringing down the price of imported rice to PHP49 per kilo by March. Archyde sat down with DA Undersecretary for Rice Program, Maria Del Carmen Esperanza, to delve deeper into this promising advancement and its impact on the local rice market.

Undersecretary Esperanza,can you elaborate on what prompted this move to lower rice prices?

“The soaring cost of living has undoubtedly placed a strain on Filipino families,and rice,being a staple food, is a primary contributor to household expenses,” explained Undersecretary Esperanza. “The DA recognizes the importance of ensuring food security and affordability for all Filipinos. This initiative is a direct response to the challenges facing our people, aiming to alleviate the burden on their daily budgets.”

How will the DA ensure a smooth transition in the market when implementing these price reductions?

“We are taking a strategic phased approach to ensure a stable and enduring price reduction,” said Undersecretary Esperanza. “Starting on February 5th, we’ll reduce the Maximum Suggested Retail Price (MSRP) for imported rice to PHP55 per kilo. By February 15th, it will drop further to PHP52, and our target is to reach PHP49 per kilo by March 1st, provided global rice prices remain stable.This gradual reduction allows traders, retailers, wholesalers, and importers time to adjust their stock levels and pricing strategies, preventing any sudden disruptions in the market.”

What strategies are in place to ensure long-term rice price stability following these planned reductions?

“We are committed to a multi-pronged approach to address rice price volatility in the long term,” said Undersecretary Esperanza. “This includes enhancing local rice production through various programs and initiatives aimed at boosting farmer incomes and improving rice supply chains. We’re also working to diversify our rice sources and strengthen our buffer stock program. Moreover, we’ll continue to collaborate closely with stakeholders across the rice value chain to ensure a stable and responsive market.”

What message do you have for Filipino consumers regarding this initiative?

“We understand the significant impact that rising rice prices have on filipino households,” said Undersecretary Esperanza. “We want to assure you that the DA is working tirelessly to make rice more affordable and accessible. This is a temporary measure, but we trust it will provide much-needed relief. We encourage everyone to stay informed about developments in the rice market and to make conscious purchasing decisions.”