Prices of rice are expected to drop by P6 to P7 in the coming months with the early implementation of the lowered rice tariff.
The lowered rice tariff is provided under Executive Order 62 issued recently by President Ferdinand R. Marcos Jr, according to Department of Agriculture (DA) Assistant Secretary Arnel de Mesa.
De Mesa, in a news briefing in Quezon City, also said the Philippine Statistics Authority (PSA) earlier projected rice prices to drop because of the tariff reduction.
EO 62 orders the modification of nomenclature and tariff rates on various products to ensure a continuous supply of goods and to protect the purchasing power of the Filipino people.
De Mesa explained that the validity of EO 62, particularly on the rice tariff reduction is 15 days upon its publication, or by July 6 while for other commodities will take effect 30 days upon its publication.
EO 62 also acknowledges the need for a new multi-year and comprehensive tariff schedule that will provide transparent and predictable tariff structure.
De Mesa further said EO 62 does not aim to set aside local production of Filipino farmers, but to ensure affordable prices of imported commodities, the government said. “Our priority is local production,” the official said.
De Mesa also said EO 62 does not aim to provide more income to foreign farmers instead of the Filipinos.
The government is looking for ways to reduce rice tariffs and eventually reduce rice prices in the Philippines, which are also affected by the movement of prices in the international market, he said.
De Mesa said EO 62 also calls for a review of tariffs every four months.
The review, De Mesa said, aims to determine if there are significant changes of prices of commodities in the international market, particularly on rice that has to be determined by the Tariff Commission, or by the government.
