Manila, Philippines — Following the implementation of the price cap on imported rice at P50 per kilo, the Department of Agriculture (DA) is set to release a Suggested Retail Price (SRP) for locally produced rice.
However, the agency clarified that the SRP to be issued is not a price ceiling that limits how high rice prices can go.
Instead, the SRP will only serve as a guide or reference for retailers.
According to the DA, it has reached an agreement with rice industry stakeholders to set the SRP of rice at ₱53 per kilogram.
The agency said it will release a memorandum containing the complete details in the coming days.
The measure was agreed upon between the agency and rice millers in the rice industry to help balance farmers’ income and consumers’ budgets.
Despite this, Agriculture Secretary Francisco Tiu Laurel Jr. clarified that market players may still sell above the SRP to ensure fair profit margins.
Consumers were also advised that if they encounter rice prices higher than ₱53 per kilogram, it does not automatically mean that sellers are violating the policy, since it remains only a suggested retail price.