Rice Prices Continue to Drop in March Amid Lower Tariffs and Market Adjustments

Rice prices in the Philippines continued their downward trend for the third consecutive month in March, according to the Philippine Statistics Authority (PSA).

National Statistician Claire Dennis Mapa announced a -7.7% rice inflation year-on-year in March, a sharper decline from February’s -4.9%. This deflation reflects ongoing adjustments in the market, influenced by lower global prices and recent government policies.

Executive Order No. 62, signed by President Ferdinand Marcos Jr. in June 2024, significantly lowered rice import tariffs from 35% to 15%, contributing to reduced retail prices.

According to PSA data, the average national retail prices for March 2025 were:

• Regular milled rice: ₱46.09 per kilo (down from ₱51.11 in March 2024)

• Well-milled rice: ₱52.25 per kilo (down from ₱56.44)

• Special rice: ₱62.15 per kilo (down from ₱64.75)

Additional government actions have supported the price drop. The declaration of a food security emergency allowed the National Food Authority to sell buffer stock rice at ₱35 per kilo. Meanwhile, the Department of Agriculture (DA) cut the maximum suggested retail price (MSRP) of imported rice from ₱58 in January to ₱45 per kilo by March 31.

The DA described the MSRP system as a non-coercive tool to align local prices with global trends and support industry transition amid tariff cuts.