MANILA, Philippines — The Department of Agriculture (DA) will implement a P2 cut in the maximum suggested retail price (MSRP) for imported rice starting July 16, reducing it to P43 per kilo from the current P45, Agriculture Secretary Francisco P. Tiu Laurel Jr. announced Thursday.

The price adjustment applies to imported rice with 5 percent broken content, the most widely consumed variety in the country.

Originally set for rollout on July 1, the price cut was delayed due to instability in global commodity markets triggered by escalating Middle East tensions. With the recent ceasefire agreement between Israel and Iran, the DA said conditions have now stabilized.

“Global rice prices have since declined, alongside softening oil prices,” Tiu Laurel said. “We are also seeing positive projections for record harvests from key producers like India, Pakistan, and Thailand. These developments could improve global supply and help pull prices further down.”

The new price ceiling complements the administration’s broader efforts to bring down food costs, including President Ferdinand Marcos Jr.’s Executive Order No. 62, which slashed rice tariffs from 35 percent to 15 percent effective July 8.

The DA said that the MSRP policy introduced earlier this year has already helped temper retail rice prices, contributing to efforts to manage food inflation. Rice, being the country’s staple food, heavily influences the inflation basket used by the Philippine Statistics Authority.

Tiu Laurel also underscored the indirect role of oil in agricultural production costs. While crude oil isn’t used directly in fertilizer manufacturing, its byproduct, natural gas, is essential for producing ammonia—a key ingredient in nitrogen-based fertilizers.

In addition to rice, the DA is preparing to implement MSRPs for imported pork by August, and possibly for chicken by September. These initiatives aim to control retail prices amid supply constraints caused by continuing outbreaks of animal diseases.