Rice retailers are calling for a two to three-month grace period to allow retailers and millers to unload existing rice stocks before the tariff reduction takes effect.
“Many retailers, wholesalers, and millers still have rice stocks purchased at higher prices,” said Philippine Rice Industry Stakeholders Movement (PRISM) co-founder Orly Manuntag.
“These include imported rice bought with a 35 percent tariff and locally milled rice acquired during the last harvest, where palay prices ranged from P29 to P31 per kilo,” he said.
Manuntag cited the need for ample time to sell existing stocks at current prices to avoid significant financial losses for stakeholders in the rice industry.
The group also expressed concerns about the potential impact of the reduced tariff on Filipino farmers.
“We urge the Department of Agriculture to implement a safety net program to protect our local farmers,” Manuntag said.
The program should include support for seeds, fertilizer, and additional cash incentives, to ensure continued income and livelihood of farmers, he said.
The group agrees with the estimated P5 to P6 per kilo drop in rice prices once the halved tariff takes effect. However, PRISM clarified that the final price would depend on several factors, including global rice market prices, logistics costs, and dollar exchange rate
Manuntag noted the importance of regular communication and collaboration among stakeholders in the rice industry.
“We believe there should be monthly or bi-monthly consultative meetings between all players in the rice supply chain. These meetings will ensure everyone is updated on market developments and can work together for a more stable rice supply and pricing for Filipino consumers,” he said.
