Secretary Arsenio Balisacan of the National Economic and Development Authority (NEDA) said the price of rice is slowly going down and is stabilizing amid the implementation of Executive Order 62 that brought down tariff on the grain to 15 percent.
Balisacan, in an interview after the NEDA Board meeting in Malacañang yesterday, said based on the monitoring of the Philippine Statistics Authority of the world prices, there had been a drop in prices of rice albeit slowly.
“Hopefully as the world market situation improves, and once traders are able to adjust their importation decisions, we will see an improvement,” he said.
Balisacan said the tariff rate, which is in effect until 2028, is subject for review every four months. The next review is in November.
President Marcos Jr. issued EO 62 in June which cuts tariff on rice to 15 percent from 35 percent.
The move aims to augment supply, manage prices and temper inflationary pressure on various commodities.
