Manila, March 26 -- Agriculture Secretary Francisco Tiu Laurel Jr. on Wednesday announced that the maximum suggested retail price (MSRP) for imported rice will be reduced anew on March 31 to PHP45 per kilo, following a continued decline in global rice prices.

"At this level, the retail price of imported rice has now decreased by P19 per kilo compared to its price before we implemented the MSRP on January 20," Tiu Laurel said in a news release.

Before the MSRP was introduced, imported rice was sold for PHP64 per kilo, despite global rice prices softening, tariff reductions, and a stronger peso.

The Philippine Statistics Authority had recognized the MSRP as a key factor in reducing rice prices and helping to tame inflation.

The implemen...