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
Latest from Business
Meta has removed a feature from its newly launched Muse Image AI tool after criticism that
State-run Philippine Amusement and Gaming Corp. (Pagcor) has ordered all gaming corporations to disclose their exclusive
BDO Unibank Inc. has removed transaction fees for fund transfers made through InstaPay and PESONet, allowing
Philippine Airlines raised USD 300 million through its first international bond offering to support network expansion
The Philippine Statistics Authority reported that Philippine factory output growth slowed to 10.2 percent in May