{"id":19098,"date":"2024-06-06T03:05:56","date_gmt":"2024-06-06T03:05:56","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/lower-rice-tariffs-to-bring-down-retail-prices-as-early-as-july\/"},"modified":"2024-06-06T03:05:56","modified_gmt":"2024-06-06T03:05:56","slug":"lower-rice-tariffs-to-bring-down-retail-prices-as-early-as-july","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/lower-rice-tariffs-to-bring-down-retail-prices-as-early-as-july\/","title":{"rendered":"Lower rice tariffs to bring down retail prices as early as July"},"content":{"rendered":"
\n

THE GOVERNMENT\u2019S move <\/span>to slash tari<\/span>f<\/span>fs on imported rice <\/span>could bring down average retail prices by P6-P7 per kilo as early as July, the Department of Agriculture (DA) said on Wednesday.<\/span><\/p>\n

\u201cThe potential price reduction will be between P6 and P7 per kilo\u2026 In a month\u2019s time we can expect that the prices would drop,\u201d Agriculture Assistant Secretary and Spokesperson Arnel V. De Mesa said in a virtual <\/span>brie<\/span>f<\/span>ing.<\/span><\/p>\n

He said consumers could see the drop in retail prices of imported rice by July or August, noting that it takes around two to three weeks for imports to arrive in the country.<\/p>\n

The National Economic and Development Authority (NEDA) Board has approved a medium-term plan to lower tari<\/span>f<\/span>fs on agricultural and industrial products. This included the further reduction in rice import tari<\/span>f<\/span>fs to 15% from 35% until 2028.<\/span><\/p>\n

\u201cWe will do everything within our power to make sure the substantial cut in rice tari<\/span>f<\/span>f will translate to a significant reduction in retail price of the grain,\u201d Agriculture Secretary Francisco P. Tiu Laurel, Jr. said in a separate statement.<\/span><\/p>\n

According to the DA\u2019s Price monitoring of Metro Manila markets as of June 4, a kilo of imported well-milled rice was P52-P55, while regular milled rice was P49-P51 per kilo.<\/span><\/p>\n

The Department of Finance earlier said that it is willing to forego an estimated P10 billion in tarif<\/span>f collections to lower the price of the food staple.<\/p>\n

Mr. Tiu Laurel said the agency will plug the potential funding gaps for the Rice Competitive Enhancement Fund (RCEF). RCEF is funded by tari<\/span>f<\/span>f collections on rice imports, mandated under Republic Act No. 11203, the Rice Tari<\/span>ff<\/span>ication Law.<\/span><\/p>\n

\u201cOur priority is to ensure that our rice farmers will continue to bene<\/span>f<\/span>it from the Rice Fund created under the Rice Tari<\/span>ff<\/span>ication Law and is con<\/span>f<\/span>ident it will be extended until 2030 to improve the lives of millions of impoverished rice farmers,\u201d he said.<\/span><\/p>\n

The DA is seeking to extend RCEF and bring back some regulatory powers to the NFA to bring down rice prices.<\/p>\n

LOWER INFLATION
\n<\/b>Meanwhile, HSBC economist for ASEAN (Association of Southeast Asian Nations) Aris D. Dacanay said the implementation of lower tari<\/span>f<\/span>fs on key commodities would <\/span>likely help cool inflation, <\/span><\/p>\n

The consumer price index (CPI) may ease by as much as 1.8 percentage points if the government swiftly implements the lower tariffs on rice, corn, pork and mechanically deboned meat, he said at a media brief<\/span>ing.<\/p>\n

\u201cBut if, let\u2019s say, the rice tarif<\/span>f rate cut happens tomorrow, or happens within June, I do think that\u2019s a big downside risk to the inf<\/span>lation outlook, and perhaps, you know, inflation will not breach target,\u201d he said.<\/p>\n

Annual inflation quickened for a fourth straight month in May. Inf<\/span>lation rose to 3.9% year on year in May from 3.8% in April but slowed from 6.1% in the same month last year.<\/p>\n

May marked the sixth straight month that inflation settled within the central bank\u2019s 2-4% target band.<\/p>\n

Mr. Dacanay said inflation may likely breach the government\u2019s 2-4% target until July due to unfavorable base ef<\/span>fects.<\/p>\n

\u201cIt\u2019s going to range between 4% and 4.5%, perhaps up until July. It\u2019s only in August where it will return back to within target,\u201d he said. \u2014 Adrian H. Halili <\/b>with inputs from<\/i> B.M.D.Cruz<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE GOVERNMENT\u2019S move to slash tariffs on imported rice could bring down average retail prices by P6-P7 per kilo as early as July, the Department of Agriculture (DA) said on Wednesday. \u201cThe potential price reduction will be between P6 and P7 per kilo\u2026 In a month\u2019s time we can expect that the prices would drop,\u201d [\u2026]<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[4061,513,14644,1367,15273,2457,1435,9383,966,4539],"class_list":["post-19098","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-early","tag-bring","tag-bworldonline","tag-down","tag-july","tag-lower","tag-prices","tag-retail","tag-rice","tag-tariffs"],"yoast_head":"\nLower rice tariffs to bring down retail prices as early as July - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/lower-rice-tariffs-to-bring-down-retail-prices-as-early-as-july\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lower rice tariffs to bring down retail prices as early as July - 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