Rice tariffication may prompt SL Agritech to cut prices
Rice tariffication, which will trigger the entry of more imported rice in the Philippines, may push SL Agritech Corporation (SLAC), the biggest hybrid rice producer in the Philippines, to cut the prices of its products, which are currently priced at a premium.
SLAC’s Doña Maria brand, which is considered a Special Rice, is currently not covered by the government’s Suggested Retail Price (SRP). This means that SLAC is allowed to price it at a premium.
As of now, Doña Maria’s Jasponica White Rice costs more than P100 per kilo.
But once more imported rice starts coming in, SLAC Chief Executive Officer Henry Lim Bon Liong said the company may bring down the price for Jasponica in order to adjust to the expected decline in the price of rice in the local market.
A Manila Bulletin report explained that once the Rice Tariffication Bill is passed, the price of rice in the country could go down to as low as P20 per kilo because of the entry of cheaper imported rice. .