THE National Economic and Development Authority (NEDA) Board, led by President Ferdinand Marcos Jr., has approved a reduction in the import tariff on rice from the current 35% to 15% until 2028.
In a press briefing at Malacañang, NEDA Secretary Arsenio Balisacan stated that this move aims to make rice more affordable for low-income Filipinos.
Balisacan explained that lowering the tariff to 15% on imported rice is expected to slow inflation, which would consequently reduce the high prices of rice in the markets.
However, Balisacan noted that the decrease in rice prices might not be immediately felt in the market as President Marcos still needs to issue an executive order (EO) regarding this matter.
Once the EO is issued, it will influence importers’ decisions on the volume of rice they need to import.
According to Balisacan, the lowered tariff may become effective by July or August.
Despite this, he reminded that the price of rice in the markets will still depend on the global market price, but the reduced tariff will help alleviate the high prices to some extent.
The reduction in the import tariff on rice is part of NEDA’s approved Comprehensive Tariff Program.
The lowered tariffs will not only apply to imported rice but also to other products.
Meanwhile, the existing tariffs on other commodities such as corn, sugar, onions, broccoli, cassava, sweet potatoes, coffee, and mechanical deboned meat will remain unchanged.
Balisacan explained that this government initiative aims to balance the situation to ensure a stable and available supply while maintaining affordable prices and improving consumer welfare. (GP)
