{"id":19171,"date":"2024-06-11T03:06:48","date_gmt":"2024-06-11T03:06:48","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/balisacan-defends-decision-to-cut-tariffs-on-imported-rice\/"},"modified":"2024-06-11T03:06:48","modified_gmt":"2024-06-11T03:06:48","slug":"balisacan-defends-decision-to-cut-tariffs-on-imported-rice","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/balisacan-defends-decision-to-cut-tariffs-on-imported-rice\/","title":{"rendered":"Balisacan defends decision to cut tariffs on imported rice"},"content":{"rendered":"
\n

NATIONAL ECONOMIC and <\/span>Development Authority (NEDA) Secretary Arsenio M. Balisacan on Monday defended the government\u2019s decision to slash tarif<\/span>fs on rice until 2028, saying this would reduce the impact of elevated global rice prices on Filipino consumers.<\/p>\n

\u201cIf you reduce the tarif<\/span>f\u2026 that will dampen the ef<\/span>fects of world rice price increases on our local markets,\u201d he told reporters.<\/p>\n

The NEDA Board, chaired by President Ferdinand R. Marcos, Jr., last week approved the new Comprehensive Tariff Program which reduced tarif<\/span>fs on certain agricultural and industrial imports until 2028. Tariffs on rice imports were cut to 15% from 35%.<\/p>\n

Mr. Balisacan, who is facing calls to resign from some agriculture groups, said in a separate statement that the NEDA Board as a collegial body made the decision, \u201crecognizing its strategic importance in ensuring access and affordability to essential commodities \u2014 while balancing the interests of consumers, local producers and the economy.\u201d<\/span><\/p>\n

\u201cThe goal of the NEDA Board in reducing the tari<\/span>f<\/span>f rate of rice is to ensure that Filipinos have access to nutritious and affordable food, particularly rice, while managing inflation and sustaining our economic growth momentum,\u201d he said, noting that rice contributed about two percentage points to <\/span>in<\/span>f<\/span>lation in the past three months.<\/span><\/p>\n

Inflation quickened to 3.9% in May, the fourth straight month of faster inflation. However, rice inflation eased for the second consecutive month to 23% in May from 23.9% a month earlier.<\/span><\/p>\n

\u201cReducing rice tariffs is expected to bring down rice prices for consumers while supporting domestic production through tariff cover and increased budgetary support to improve agricultural productivity, especially as global rice prices remain elevated,\u201d Mr. Balisacan added. <\/span><\/p>\n

Global rice prices have soared since last year due to India\u2019s ongoing ban on exports of non-basmati rice.<\/p>\n

The Philippines, the world\u2019s top importer of rice, has been affected by the spike in global rice prices. It imports rice mainly from Vietnam and Thailand. <\/span><\/p>\n

However, Mr. Balisacan said the outlook for a decline in global rice prices is still uncertain, citing the impact of the El Ni\u00f1o dry spell and the looming La Ni\u00f1a weather pattern on agricultural production. <\/span><\/p>\n

\u201cIf the forecasters, the futures market are correct, then we should see the tapering of this price increases soon, by around September. So, by then, you will feel the domestic prices stabilize,\u201d he said in mixed English and Filipino.<\/p>\n

Thai rice prices have increased by 6% to $628 per metric ton (MT) as of end-May from $592 per MT as of end-April, according to the World Bank Commodities Price Data. Meanwhile, Vietnamese rice prices dipped to $568 per MT as of end-May from $571.5 per MT in April.<\/p>\n

With the tariff cuts, the NEDA chief hopes that rice inflation would ease near the level of inflation. <\/span><\/p>\n

However, Mr. Balisacan said it is \u201chard to say\u201d if it can be achieved this year \u201cbecause it depends so much on what the world market\u2026will be like in the next six months.\u201d<\/p>\n

\u201cAs of now, the best data that I saw until December of 2024 is that it comes down [from] the level today a bit. But then, it will stabilize there. It will not come down to the level of 2023. So, that is the challenge,\u201d he added.<\/p>\n

The Department of Agriculture (DA) last week said it expects the rice import tarif<\/span>fs to bring down average retail prices by P6-7 per kilo by July or August.<\/p>\n

The DA\u2019s latest price watch showed that the price of imported regular milled and well milled rice stood at P49.92 a kilo and P52.98 a kilo, respectively.<\/p>\n

The NEDA chief reiterated that raising productivity in the domestic agriculture sector remains the government\u2019s top priority.<\/p>\n

\u201cIf we have started addressing these issues of the agricultural sector many years ago, then we should have not been in this situation now.\u201d<\/p>\n

On calls for his resignation, Mr. Balisacan said he serves at the pleasure of the President.<\/p>\n

\u201cIf the President f<\/span>inds a better person to run NEDA, I\u2019ll be happy to accept that,\u201d he said. \u2014 BMDC<\/b><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

NATIONAL ECONOMIC and Development Authority (NEDA) Secretary Arsenio M. Balisacan on Monday defended the government\u2019s decision to slash tariffs on rice until 2028, saying this would reduce the impact of elevated global rice prices on Filipino consumers. \u201cIf you reduce the tariff\u2026 that will dampen the effects of world rice price increases on our local [\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":[16357,14644,2243,1809,4102,1297,966,4539],"class_list":["post-19171","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-balisacan","tag-bworldonline","tag-cut","tag-decision","tag-defends","tag-imported","tag-rice","tag-tariffs"],"yoast_head":"\nBalisacan defends decision to cut tariffs on imported rice - 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\/balisacan-defends-decision-to-cut-tariffs-on-imported-rice\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Balisacan defends decision to cut tariffs on imported rice - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"NATIONAL ECONOMIC and Development Authority (NEDA) Secretary Arsenio M. Balisacan on Monday defended the government\u2019s decision to slash tariffs on rice until 2028, saying this would reduce the impact of elevated global rice prices on Filipino consumers. \u201cIf you reduce the tariff\u2026 that will dampen the effects of world rice price increases on our local [\u2026]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/energybuzz.ph\/balisacan-defends-decision-to-cut-tariffs-on-imported-rice\/\" \/>\n<meta property=\"og:site_name\" content=\"Energy Buzz\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-11T03:06:48+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/balisacan-defends-decision-to-cut-tariffs-on-imported-rice\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/balisacan-defends-decision-to-cut-tariffs-on-imported-rice\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#\\\/schema\\\/person\\\/344f8dbaaecf75e51367eef93f492892\"},\"headline\":\"Balisacan defends decision to cut tariffs on imported rice\",\"datePublished\":\"2024-06-11T03:06:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/balisacan-defends-decision-to-cut-tariffs-on-imported-rice\\\/\"},\"wordCount\":675,\"publisher\":{\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/#organization\"},\"keywords\":[\"balisacan\u00a0\",\"bworldonline\",\"cut\",\"decision\",\"defends\",\"imported\",\"rice\",\"tariffs\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/energybuzz.ph\\\/balisacan-defends-decision-to-cut-tariffs-on-imported-rice\\\/\",\"url\":\"https:\\\/\\\/energybuzz.ph\\\/balisacan-defends-decision-to-cut-tariffs-on-imported-rice\\\/\",\"name\":\"Balisacan defends decision to cut tariffs on imported rice - 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