DA to impose P53 per kilo SRP on local rice

The Department of Agriculture (DA) is imposing a suggested retail price (SRP) on local rice at P53 per kilogram.

In a statement on Tuesday, Agriculture Secretary Francisco Tiu Laurel Jr. that the DA reached an agreement with rice industry stakeholders to set the P53-per kilogram SRP on local rice to strike a balance between farmers’ profits and consumers’ budgets.

Tiu Laurel, however, clarified that the SRP on local is “not a price ceiling.”

“It’s just a guide for consumers on fair local rice prices,” the Agriculture chief said.

“I’ve consulted rice millers and industry groups, and P53 per kilo is acceptable,” he added, noting that market players may still sell lower, allowing others in the value chain to earn reasonable margins.

Tiu Laurel said a DA memorandum detailing the SRP “will be released soon.”

The SRP positions local rice slightly above imported 5% broken rice, which President Ferdinand Marcos Jr. capped at P50 per kilo for 30 days starting May 14.

Tiu Laurel said full enforcement of the P50 price cap will begin next week, giving retailers and consumers time to adjust.

“We will start full enforcement next week,” he said. —VAL, GMA News