The Department of Agriculture (DA) said it may recommend an increase in rice tariff rates only if local rice prices would decline to around P42 to P45 per kilogram.
DA Secretary Francisco Tiu Laurel Jr. said during a forum hosted by the Philippine Chamber of Commerce and Industry in Taguig City yesterday that under Executive Order (EO) 62, a review must be done after four months of its effectivity to adjust tariff rates accordingly.
EO 62 lowers tariffs on agricultural commodities especially on rice which were reduced from 35 percent to 15 percent, effective starting July.
“The review will suffice to make sure that in case retail prices go down and consumers are satisfied, then maybe we can already increase tariff rates… So, it is very timely to review by November as world prices could be a little lower at that time as India is expected to lift the export ban on rice,” Tiu Laurel said.
However, DA pointed out that an increase in rice tariff would only be possible if retail prices of rice will drop.
“But then again, we’re not saying that we will just let the farmers alone. We have a program for giving more inputs to farmers to augment their costs,” Tiu Laurel added.
Based on DA’s monitoring of public markets in the National Capital Region, the price as of Monday of local well-milled rice is between P48 to P55 per kg and regular milled, P48 to P52 per kg.
The price of imported well milled rice is P52 to P55 per kg, while the price range of imported regular milled rice is from P48 to P51 per kg.
Imported rice ranges from P57 to P65 for the special variety and P52 to P62 for premium.
For local rice, the special variety costs P57 to P65 per kg and premium, P52 to P58 per kg.
