By Junex Doronio
MANILA — The campaign promise of President Ferdinand “Bongbong” Marcos Jr. for lower rice prices is nearing realization.
The Philippine Statistics Authority (PSA) announced on Tuesday (06 Aug 2024) that retail rice prices per kilo are expected to decrease this month.
The PSA attributed this development to a combination of base effects and the reduction of tariff rates on imported grain.
“Reduction sa tariff magsisimula so may posible ‘yung substantial na ire-reduce sa presyo ng bigas nitong August (The reduction in tariffs begins, so it’s possible that a substantial reduction in rice prices could be felt this August),” PSA chief Claire Dennis Mapa disclosed at a press conference.
Executive Order No. 62, which slashed the tariff rates for imported rice from 35% to 15%, took effect early last month.
The PSA earlier stated that the reduction in tariffs for imported rice could reduce the retail price per kilo by P6 to P7.
Mapa noted that the average price per kilo of regular milled rice in July stood at P50.9, down 0.3% from P51.10 per kilo in June. Well-milled rice prices also decreased to P55.85 per kilo from P55.96 per kilo month-on-month. Special rice now costs P64.42 per kilo, down from P64.56 per kilo last month.
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