We study the collective field formulation of a restricted form of the multispecies Calogero model, in which the three-body interactions are set to zero. We show that the resulting collective field theory is invariant under certain duality transformations, which interchange, among other things, particles and antiparticles, and thus generalize the well-known strong-weak coupling duality symmetry of the ordinary Calogero model. We identify all these dualities, which form an Abelian group, and study their consequences. We also study the ground state and small fluctuations around it in detail, starting with the two-species model, and then generalizing to an arbitrary number of species.