Different types of rice are sold at the AGora Market in San Juan City on May 7, 2024. President Ferdinand R. Marcos Jr. wants to certify as urgent to lawmakers in Congress the proposed amendments to Republic Act No. 11203 or the rice tariffication law (RTL) to lower rice prices in the country. Maria Tan, ABS-CBN News

Pia Gutierrez

ABS-CBN News

<p>MANILA - The National Economic Development Authority said it will submit on Friday its review on the reduced rice import tariffs to President Ferdinand Marcos Jr.</p><p>The government reduced tariffs on rice to 15 percent from 35 percent. NEDA is tasked to review the tariff rate every 4 months and to submit its findings and recommendations to the President. The review comes as several lawmakers criticized that the administration’s decision to cut rice tariffs did not result in significantly lowering the market prices of rice, despite costing the government some P12 billion in foregone revenues.</p><p>Economic managers earlier trumpeted that the tariff cuts would see rice prices falling by P5 to P6 as early as the first month of its implementation, which was August.</p><p>But the Philippine Statistics Authority noted in its October inflation report that rice inflation climbed to 9.6 percent in October, compared to 5.7 percent in September. </p><p>The PSA noted that the rice tariff cuts, which the government implemented in July, had yet to result in significant rice price cuts. Instead of a P5 reduction, which was the lower end of the forecast, rice prices had gone down by less than P0.50 by October, which was already the third month of the tariff cuts.</p><p>The faster annual inflation of rice was a big factor in the faster headline inflation clip in October.</p><div><a href="https://www.abs-cbn.com/business/2024/11/5/inflation-quickens-in-october-832" rel="noopener noreferrer" target="_blank">Inflation quickens in October</a> </div><p>NEDA Secretary Arsenio Balisacan did not disclose the agency’s recommendation to the President, but noted that the report presents the current picture of the rice market.</p><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/fOvjT2qMavU?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div><p>“We’re now finalizing the report, we’ll submit that report to the President, hopefully tomorrow. So, I can’t disclose what is in that report yet, because I want to give the President for first opportunity to read what that is,” he said.</p><p>“But, it’s there, essentially, we’re not—it basically presents the picture of the rice market this time, providing an analysis of where we are, particularly with respect to production, to supply, to demand, to prices and what to expect in the coming four months and beyond. Iyon lang iyong laman pala na ano.”</p><p>Balisacan said the government remains focused on reducing food prices, but noted that the depreciation of the peso and recent calamities have affected the price of rice, which he says is hovering at P50 per kilo.</p><p>“The goal is to reduce that further and hence we are continually monitoring the development in the market. By the way, prices are not completely in our control because these are influenced by factors like world prices. These are influenced by calamities. We can only intervene in the short term but over the long haul it is best for the country to follow the trends in the market. Of course assuring that those who have least in life are given assistance to be able to cope with say, rising prices,” he said.</p>

<p>The Philippine Statistics Authority noted that the rice tariff cuts, which the government implemented in July, had yet to result in significant rice price cuts.</p>

The Philippine Statistics Authority noted that the rice tariff cuts, which the government implemented in July, had yet to result in significant rice price cuts.

NEDA to submit review on reduced rice tariffs to Marcos on Friday | ABS-CBN

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NEDA to submit review on reduced rice tariffs to Marcos on Friday

NEDA to submit review on reduced rice tariffs to Marcos on Friday

Pia Gutierrez,

ABS-CBN News

Published Nov 28, 2024 02:48 PM PHT

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Updated Nov 28, 2024 03:08 PM PHT

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