The Philippines' Department of Agriculture has proposed a plan to set a maximum retail price (MSRP) for all rice varieties, aiming to lower domestic rice prices.

This initiative comes in light of the Philippines' reliance on rice imports, making it sensitive to global market fluctuations. As a leading rice importer, the country faces challenges in stabilizing prices due to external factors.

Under the proposal, the price for 5% broken rice, commonly imported from other countries, will be capped at 58 pesos per kilogram starting January 20, initially for the city of Manila.

This move marks the beginning of a pilot program, with authorities closely monitoring its effectiveness. Officials will assess whether any adjustments are needed in the future based on real-world outcomes.

The Philippines imports around 3.5 to 4 million tons of rice annually, primarily from Vietnam and Thailand, with smaller quantities sourced from India, Pakistan, Myanmar, and Cambodia.