The maximum suggested retail price for imported rice will be lowered to P55 per kilo from P58 per kilo effective Wednesday, the Department of Agriculture (DA) announced on Tuesday.

The adjustment on the maximum suggested retail price for imports will be implemented more than two week after it was set in Metro Manila on Jan. 20.

The DA expects to further ease the maximum suggested retail price of imported rice in coming weeks as it is eyeing a price of less P50 per kilo by March.

“After this reduction, we plan to lower it further to P52 a kilo by mid-February and then at P49 per kilo two weeks after. This should reflect the lower global prices of rice and the reduced tariff,” Agriculture Secretary Francisco Tiu Laurel Jr. said

The agency noted that the price reduction comes amid its efforts to stabilize rice prices and alleviate inflationary pressures on basic commodities.

"The decision follows extensive consultations with rice industry stakeholders, including importers and retailers, to ensure that the price decrease will benefit consumers without negatively affecting the supply of rice," it stated.

"This initiative is part of the DA’s broader efforts to address the challenges posed by rising food costs and contribute to the overall economic stability of the country as it moves toward 2025," it added.

As part of its effort to ease the price of rice, Laurel also issued a department circular declaring a food security emergency on rice effective Monday. Robina Asido/DMS