Malacañang announced on Wednesday that the price of rice in the Philippines is expected to decrease to P45 per kilogram by the end of March. This development comes after a recent meeting between Palace officials and Agriculture Secretary Francisco Tiu Laurel, where discussions centered on the anticipated reduction in the prices of both rice and pork.
Palace Press Officer Undersecretary Atty. Claire Castro confirmed the expected price drop during a press briefing, stating, “Currently, the price of rice is at P49 per kilogram, but by March 31, we anticipate it will decrease to P45.” This adjustment is attributed primarily to the decline in global rice prices, which have dropped significantly in recent months.
According to Castro, the global market has seen a reduction in rice prices, with previous rates ranging between $700 and $740 per ton now falling to approximately $380 to $400 per ton. She emphasized that world prices play a crucial role in determining local rice costs, making the decrease in international rates a significant factor in the expected price adjustment.
Apart from rice, pork prices are also forecasted to decline by March 10. Castro noted that the price of pork cuts such as kasim and pigue is projected to drop to P350-P360 per kilogram, while liempo could decrease to P380 per kilogram. These reductions align with the Department of Agriculture’s (DA) efforts to stabilize food prices in the country.
The DA has been actively implementing measures to regulate rice prices, including adjusting the maximum suggested retail price (MSRP) for imported rice. On February 5, the agency lowered the MSRP to P55 per kilogram and announced plans to bring it down further to P52 by mid-February and P49 by March 1, contingent on stable global prices.
Agriculture Secretary Francisco Tiu Laurel Jr. highlighted the importance of gradual price reductions to prevent market disruptions. He explained that an abrupt drop in prices could negatively impact businesses and lead to resistance from industry stakeholders. By announcing planned reductions in advance, the DA aims to provide ample time for traders, retailers, wholesalers, and importers to adjust accordingly.
Additionally, the Philippine government declared a “food security emergency” in early February to address rising rice prices. This move allows the National Food Authority to release half of its 300,000 metric tons of buffer stock over the next six months to stabilize supply and retail costs.
These coordinated efforts by the government reflect a proactive approach to ensuring food affordability for Filipino consumers while maintaining market stability.