Philippines : Agri chief pauses planned cut in prices for imported rice
The Philippines’ Department of Agriculture has delayed the planned reduction of the maximum suggested retail price (MSRP) for imported rice from ₱45 to ₱43 per kilo, originally set for July 1. Agriculture Secretary Francisco Tiu Laurel cited global tensions and rising fuel costs as reasons for avoiding potential market shocks. A final decision is expected soon.
MANILA – The Department of Agriculture said on Monday it would delay the anticipated reduction in the maximum suggested retail price (MSRP) of imported rice, which was supposed to take effect on July 1.
The DA earlier said it plans to reduce the MSRP for rice to P43 per kilo from P45 next month.
But Agriculture Secretary Francisco Tiu Laurel said that he had to hold the implementation to avoid further market shocks as fuel prices continue to rise due to the tension between Israel and Iran.
“Yung sa rice na MSRP natin na baba sana by July 1 to P43, mukhang hold ko muna in abeyance due to the situation, magulo. We don’t want any market shocks,” Tiu Laurel told reporters.
“Most likely by next week mag decide na tayo kung tutuloy o hindi, pero the chances are ihold ko muna ng 1 month, 2 months, tingnan muna natin ang sitwasyon,” he added.
The MSRP on imported rice was earlier imposed to temper rising prices of the staple, which has since eased compared to earlier this year.
Meanwhile, the DA said its plan to impose MSRP on pork by August is likely to push through.
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Source : ABS-CBN
