Global Rice Prices Fall, Leading to Lower Maximum SRP for Imported Rice

MANILA, Philippines – With global rice prices falling, the Department of Agriculture (DA) says the maximum suggested retail price (MSRP) for imported rice of the 25% broken type might go to P50.

DA expects retail prices of imported rice to fall, following price cuts in Vietnam, India, and Thailand.

A rice store
A rice store

“That is a possibility given the sharp drop in the price of bigas in the international market from December 10 to January 10,” DA spokesman Arnel de Mesa told reporters Monday, January 13.

(That is a possibility, given that the price of rice in the foreign market fell dramatically between December 10 and January 10.)

In an effort to reduce prices, the agricultural department will enforce an MSRP of P58 for imported rice in Metro Manila beginning January 20.

The DA calculated the P58-MSRP using 5% broken rice prices from Vietnam, which included landed costs.

De Mesa cites current figures from the Vietnam Food Association, which suggest that the price of 5% broken Vietnamese rice has dropped from $510 per metric ton to $434. Meanwhile, 25% broken Vietnamese rice has dropped from $409 to $326 per metric ton.

Rice from India and Thailand show the same decline.

In the same period, 5% broken rice from India increased from $449 to $440 per metric ton, while 25% broken Indian rice decreased from $434 to $425 per metric ton. The price of Thailand’s 5% broken rice fell from $479 to $438 per metric ton.

“It could be lower because of the initial P50 calculation, which is based on the international market price. It is absolutely going to drop below P50 because 25% of it is broken,” De Mesa said.

(It could be lower because the initial calculations were based on previously higher international market pricing. Now that it has reduced, the price of 25% broken rice will undoubtedly fall below P50.

The Philippines imported 4.78 million metric tons in 2024. The DA previously reported that total imported rice amounted to 4.68 million MT.

As of Friday, July 10, imported rice prices went from P28 to P65. – Andrew Gabriel

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