Rice prices seen to go down to P45-P48 per kilo by July

Rice prices seen to go down to P45-P48 per kilo by July
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HOUSE Speaker Martin Romualdez has expressed optimism that prices of rice will significantly go down by July following the reduction of tariff rates on imported rice.

Romualdez met on Monday, June 24, 2024, with Philippine Rice Industry Stakeholders Movement (Prism) founders Rowena Sadicon and Orly Manuntag who made an assurance that rice prices may drop by as much as P9 per kilo.

He said the price of well-milled rice is seen to go down by July to P45 to P46 per kilo, and P47 to P48 per kilo on premium rice.

Romualdez said the “ideal price” of P29 to P34 per kilo may be reached by August.

“Here in Metro Manila, rest assured the reduced prices will be on the ground at P45 range. We are committed to this, and they (retailers, wholesalers, importers, rice millers) are committed to pass on savings out of reduced rice prices to consumers,” he said.

“Then you add our long term programs with the National Irrigation Administration (NIA), we are anticipating that NIA could bring to the table P29 per kilo by August. We have budget allocation towards reaching this amount, government plans are being implemented. Hindi ito drawing,” he added.

On June 20, President Ferdinand Macros Jr. issued Executive Order 62 modifying the import duty rates of various commodities such as animal products, plants, pharmaceutical needs and chemicals in a bid to cushion the effect of inflation and protect the purchasing power of the public.

“There is a need for a new multi-year and comprehensive tariff schedule that will provide a transparent and predictable tariff structure, and allow businesses to engage in medium- to long-term planning to improve productivity and competitiveness, facilitate trade, and enhance consumer welfare,” the EO read.

“The implementation of an updated comprehensive tariff schedule aims to augment supply, manage prices, and temper inflationary pressure of various commodities, consistent with the Philippine national interest and the objective of safeguarding the purchasing power of Filipinos,” it added. (TPM/SunStar Philippines)

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