The maximum suggested retail price (MSRP) for imported rice will be cut to P49 per kilo on a staggered basis from P58 a kilo starting Saturday, the Department of Agriculture announced on Wednesday.

The agency noted that "it is the first time since the MSRP was introduced six weeks ago that it will slip below the P50 mark", However, Agriculture Secretary Francisco Tiu Laurel Jr. said that a review will be done to determine if further reduction of MSRP is still possible.

“We will review the numbers in the coming days to determine if there's room to lower the MSRP further. As of now, there could be scope for additional reductions, but we’ll have to see,” Laurel said.

Laurel explained that the department will take a more “surgical” approach in imposing the MSRP as it will not be implemented nationwide but selectively in Metro Manila, key cities, and other urban centers."

“In many provincial areas, we’ve seen prices of imported rice already lower than the MSRP. So we will apply it more selectively,” he said.

In January, Laurel had projected that the price of imported rice could fall below P50 per kilo, provided world market prices remain stable, with a maximum landed cost of $550 per metric ton for 5 percent broken rice.

The landed cost of 5 percent broken rice was quoted at $490 per metric ton on Friday, February 21.

The DA first introduced the MSRP on January 20, setting an initial price of P58 per kilo as imported rice were previously sold between P62 and P64 per kilo before the MSRP was imposed.

"This was a non-coercive measure aimed at steering retail prices of imported rice to reflect the steady decline in world market prices and the decision of President Ferdinand Marcos Jr. to slash rice tariffs from 35 percent to 15 percent, effective last July. The MSRP was gradually reduced to ease the transition for the rice industry," the agency stated. Robina Asido/DMS