Manila, July 3 -- The Department of Agriculture (DA) on Thursday announced that the maximum suggested retail price (MSRP) for 5 percent broken imported rice will be lowered to PHP43 per kg. starting July 16, citing improved global supply and eased geopolitical tensions.

Agriculture Secretary Francisco Tiu Laurel Jr. said the price cut follows a steady drop in global rice and oil prices, and positive harvest forecasts from major producers such as India, Pakistan, and Thailand.

"Global rice prices have since declined, alongside softening oil prices," he said.

The DA earlier postponed the initial plan to bring down the MSRP on 5 percent broken imported rice on July 1 due to the recent conflict in the Middle East.

To date, the MSRP for 5 ...