DA delays reduction of MSRP of imported rice
The Department of Agriculture on Monday said it will delay plans to reduce the maximum suggested retail price of imported rice, given the volatility in global markets as tensions increase in the Middle East.
According to Agriculture Secretary Francisco Tiu Laurel Jr., the planned reduction of the MSRP for broken imported rice to P43 per kilo starting July 1 will be delayed in consideration of the impact of the recent developments.
'We'll likely delay the rollout by a month or two to gain a clearer picture of where global prices are heading,' he said in a statement.
The MSRP of imported rice currently stands at P45 per kilo, a level that has been unchanged since March 31, 2025, reflecting the decline in the prices of the grain staple in the global market.
The delay comes as Tiu Laurel cited the heightened geopolitical risks following the US airstrikes on three nuclear sites in Iran, which has threatened American bases in the Middle East in retaliation, driving uncertainty on the global oil supply.
'Although crude oil is not directly used to manufacture fertilizer, natural gas — a key byproduct of oil refining — is essential for producing ammonia, a core ingredient in nitrogen-based fertilizers. Rising oil prices also mean higher transportation costs for fertilizers and other agricultural inputs,' the DA said.
'Oil prices have surged in recent days, particularly after Iran threatened to close the Strait of Hormuz, a critical chokepoint for global crude shipments,' it added.
Tiu Laurel said the DA maintains its plan to introduce an MSRP for imported pork in August, wth the final pricing set to be determined closer to the rollout as he said the market is 'extremely fluid' and any forecast made now may not be accurate even an hour later. —AOL, GMA Integrated News
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