Retail rice prices in the Philippines could drop by nearly P7 per kilo following the government’s decision to reduce import tariffs from 35% to 15%, according to the Department of Agriculture (DA).
This reduction, part of a National Economic and Development Authority (NEDA) Board initiative, is expected to significantly lower rice prices, impacting about 20% of domestic stocks.
Agriculture Secretary Francisco Tiu Laurel Jr. assured that any funding shortfalls for the Rice Competitive Enhancement Fund (RCEF) would be covered by the DA’s budget.
Despite potential benefits, the move has faced criticism from agricultural groups for lack of consultation, with the Federation of Free Farmers calling the decision a “shot in the dark.”
The tariff cut aims to combat rising inflation, which has been significantly driven by high rice prices.
Source: PhilNews24 | June 6, 2024
