MANILA - A potential increase in tariffs on imported rice could be on the horizon if retail rice prices fall significantly, announced Francisco Tiu-Laurel Jr., Secretary of the Department of Agriculture, during a media forum organized by the Philippine Chamber of Commerce and Industry.
According to Philippines News Agency, the first review of the reduced tariff on imported rice is scheduled for November this year.
President Ferdinand R. Marcos Jr. previously issued Executive Order 62, which reduced the tariff on imported rice from 35 percent to 15 percent. This measure aims to mitigate the impact of price pressures on rice consumers. Currently, prices for imported regular milled rice range from PHP48 to PHP51 per kilogram in Metro Manila, while well-milled rice is priced between PHP52 and PHP55 per kilogram. In contrast, local rice prices are slightly lower, with regular milled rice ranging from PHP48 to PHP52 per kilogram, and well-milled rice from PHP48 to PHP55 per kilogram.
The November review is timely, given the expected easing of global market rice prices and the peak of the wet season's harvest from late September to October. Tiu-Laurel mentioned that India's anticipated lift on its rice export ban could further influence global prices. He assured that the National Food Authority (NFA) would offer a 'reasonable buying price' to local farmers if no tariff adjustments are made during this review.
The DA has also planned for the next harvest, allocating PHP12 billion in funds for buying rice and supporting farmers with additional inputs and fertilizers. This strategy aims to balance the interests of both consumers and local rice producers.