Rice prices are expected to decline starting in October due to reduced import tariffs, according to Department of Agriculture Secretary Francisco Tiu Laurel Jr.
However, he noted that the full impact may not be felt until January 2025, as traders have increased imports to prepare for potential supply shortages caused by El Niño.
President Ferdinand Marcos Jr. implemented the tariff cuts in June, reducing rates from 35% to 15% to help manage prices and curb inflation.
Despite this, agricultural groups have petitioned the Supreme Court to nullify the executive order, arguing it could harm domestic producers.
Additionally, Tiu Laurel emphasized the need to protect farmers from low palay prices, which can drop significantly during the wet season.
Source: PhilNews24 | September 19, 2024
DA FORECASTS RICE PRICE DROP BY OCTOBER AMID TARIFF REDUCTIONS
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