1 week ago
4
Upgrade to High-Speed Internet for only ₱1499/month!
Enjoy up to 100 Mbps fiber broadband, perfect for browsing, streaming, and gaming.
Visit Suniway.ph to learn
To prevent rice price spike
MANILA, Philippines — Agriculture Secretary Francisco Tiu Laurel Jr. said the 15-percent tariff on imported rice may have to be retained until September to prevent a possible spike in domestic retail prices, as world prices slightly rose following the end of harvest abroad.
Tiu Laurel said he would recommend the retention of the lower tariff rate on rice imports in the next review of the measure in July.
The reduced rice tariff rate has been in effect since July 2024 after President Marcos issued Executive Order (EO) 62, which slashed the tariff to a historic low of 15 percent from 35 percent.
The EO imposes a regular review of the tariff rate every four months. The first review was done in November 2024 and was followed last March.
“It will not increase for now since harvest seasons here and in origin of imports have ended already. If we are going to raise the tariff, it will be better during the harvest season of (exporting countries),” Tiu Laurel said yesterday.
Nonetheless, the agriculture chief reiterated his earlier position that any increase in the rice tariff must be done gradually to avert any market shocks.
Tiu Laurel said the raising of rice tariffs is all about timing.
Vietnam rice prices saw a slight uptick in April, reaching a three-month high, as harvest neared its end, according to the United Nations’ Food and Agriculture Organization. Vietnam five percent broken rice in April hit $396.8 per metric ton compared to the $386.5 per MT in March, based on FAO data.
Meanwhile, the country’s rice prices in April deflated on an annual basis by 10.9 percent, the steepest decline since the 11.2 percent contraction in November 2019, based on Philippine Statistics Authority data.
Agriculture assistant secretary and spokesman Arnel de Mesa said raising the rice tariff now while there is limited supply may shoot up domestic retail prices of the staple.
The lowering of the rice tariff rate was aimed at controlling food inflation, particularly the spike in retail rice prices in 2023 and 2024.
