MANILA – Agriculture Secretary Francisco P. Tiu Laurel Jr. announced that the Department of Agriculture (DA) and rice industry stakeholders have agreed on a suggested retail price (SRP) of P53 per kilo for locally produced rice.

The DA said the SRP seeks to balance the interests of consumers and rice producers by keeping prices affordable while allowing farmers and industry players to earn reasonable profits.

The announced SRP is slightly higher than the P50 per kilo price cap imposed by President Ferdinand Marcos Jr. on imported 5-percent broken rice for 30 days beginning May 14.

“This is not a price ceiling. It’s just a guide for consumers on fair local rice prices,” Tiu Laurel said.

The agriculture chief noted that rice remains a sensitive commodity because of its impact on household spending, inflation, and monetary policy decisions of the Bangko Sentral ng Pilipinas.

Tiu Laurel said he had consulted with rice millers and industry groups before arriving at the suggested price.

“I’ve consulted rice millers and industry groups, and P53 per kilo is acceptable,” he said.

He added that retailers may still sell rice at lower prices while allowing participants in the supply chain to maintain reasonable margins.

The DA said it would soon issue a memorandum containing the details of the SRP implementation.

Meanwhile, Tiu Laurel said the government would begin full enforcement of the P50 per kilo price cap on imported rice next week to give retailers and consumers time to adjust.

“We will start full enforcement next week,” he said.