{"id":19447,"date":"2024-06-25T03:02:23","date_gmt":"2024-06-25T03:02:23","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/neda-open-to-adjusting-rice-tariffs-before-2028\/"},"modified":"2024-06-25T03:02:23","modified_gmt":"2024-06-25T03:02:23","slug":"neda-open-to-adjusting-rice-tariffs-before-2028","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/neda-open-to-adjusting-rice-tariffs-before-2028\/","title":{"rendered":"NEDA open to adjusting rice tariffs before 2028"},"content":{"rendered":"
\n

By Kenneth Christiane L. Basilio <\/b><\/p>\n

THE GOVERNMENT is open to ad<\/span>justing tarif<\/span>f rates on rice imports if global prices show a steady decline, National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said on Monday.<\/p>\n

\u201cIf world prices are going down, then you have to do what you can to adjust the tariff, that\u2019s what many countries do,\u201d he told reporters on the sidelines of a forum on Monday.<\/p>\n

President Ferdinand R. Marcos, Jr. last week issued Executive Order (EO) No. 62, cutting tariffs for different agricultural imports like rice, pork, poultry and corn to 15% from 35% until 2028.<\/p>\n

\u201cIf the situation changes, the government must have that f<\/span>lexibility to re-examine its tools,\u201d Mr. Balisacan said.<\/p>\n

Under the order, the in-quota and out-quota tarif<\/span>f rates for rice will be reviewed every four months. The NEDA is tasked to submit its recommendations to the President through the Off<\/span>ice of the Executive Secretary.<\/p>\n

Meanwhile, retail prices of rice are expected to drop to as low as P40 per kilo as early as July once EO 62 takes ef<\/span>fect, an industry executive said.<\/p>\n

\u201cWe expect that the prices for well-milled rice\u2026 to drop to P45 to P46 [per kilo], for regular-milled rice, it will range between P40 and P42, and P43 [per kilo]. For premium rice, it would range around P47 to P48 [per kilo],\u201d <\/span>Orly Manuntag, spokesperson of the Grain Retailers Confederation of the Philippines, said in Filipino during a press conference with leaders of the House of Representatives.<\/p>\n

EO 62 is set to take ef<\/span>fect on July 6 or 15 days after it was published, Department of Agriculture Assistant Secretary and Spokesperson Arnel V. de Mesa said on Saturday.<\/p>\n

House Speaker and Leyte Rep. Ferdinand Martin G. Romualdez <\/span>said the lower tarif<\/span>fs will likely bring down average rice prices to P45 per kilo in Metro Manila.<\/p>\n

The tari<\/span>f<\/span>f cut on imported rice is expected to tame in<\/span>f<\/span>lation as the staple product is a \u201csigni<\/span>f<\/span>icant contributor\u201d to the consumer price index, Security Bank Corp. Chief Economist Robert Dan J. Roces told BusinessWorld<\/i> in a Viber message.<\/span><\/p>\n

\u201cWhile estimates predict a reduction of 0.4 to 1.8 percentage points, the actual impact depends on how much domestic rice prices adjust and how fast it adapts,\u201d he said. \u201cThe fast-tracked approval could lead to quicker relief, but long-term e<\/span>f<\/span>fects on farmers and the need for complementary measures require further National government action.\u201d<\/span><\/p>\n

Mr. Roces noted the implementation of EO 62 is \u201cnecessary and timely\u201d amid the persistent rice in<\/span>f<\/span>lation.<\/span><\/p>\n

In<\/span>f<\/span>lation accelerated to a six-month high of 3.9% in May. In particular, rice inflation remained elevated although slightly easing to 23% in May from 23.9% in April.<\/span><\/p>\n

The lower rice tarif<\/span>fs would benef<\/span>it low-income households who bear the brunt of spiraling rice prices, Mr. Roces added.<\/p>\n

However, lowering tari<\/span>f<\/span>fs on imported rice could be detrimental to the domestic rice industry if left unchecked, Eleanor L. Roque, tax principal of P&A Grant Thornton, said.<\/span><\/p>\n

\u201cLowering the cost of imported rice without looking at how the local farmers can compete may be detrimental in the long term,\u201d she told BusinessWorld<\/i> in a Viber message. \u201cThe government should evaluate both short-term and long-term solutions for food <\/span>su<\/span>ff<\/span>iciency without neglecting the needs of our local farmers.\u201d<\/span><\/p>\n

Enrico P. Villanueva, a senior lecturer at the University of the Philippines Los Ba\u00f1os Economics Department, said only 20% of the country\u2019s rice supply is sourced from imports.<\/span><\/p>\n

\u201cThe substantial tarif<\/span>f cut will help ease rice prices, but its impact will be muted by the fact that imports comprise just roughly about 20% of rice supply in the Philippines,\u201d he told BusinessWorld<\/i> in an X message.<\/p>\n

Reducing the rice prices to as low as P40 is not realistic unless the government would only import low-quality rice, Raul Q. Montemayor, national manager of Federation of Free Farmers, told BusinessWorld<\/i> in a Viber message.<\/span><\/p>\n

\u201cAt current cost, insurance and freight rate of $600 per ton\u2026 the exit pier costs would be at P40.71 per kilo,\u201d he said. \u201cAdd in pro<\/span>f<\/span>it margins, freight, and handling costs, the retail price will be approximately P50 per kilo.\u201d<\/span><\/p>\n

\u201cI don\u2019t see how they can sell rice at only P40 per kilo. The only way this can happen is if the cost, insurance, and freight costs go down to $500 or they bring in cheap and low-quality rice,\u201d he added. \u2014 with<\/i> Beatriz Marie D. Cruz<\/b><\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE GOVERNMENT is open to adjusting tariff rates on rice imports if global prices show a steady decline, National Economic and Development Authority (NEDA) Secretary Arsenio M. Balisacan said on Monday.<\/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":[5340,5157,1685,14644,4891,746,966,4539],"class_list":["post-19447","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-5340","tag-adjusting","tag-before","tag-bworldonline","tag-neda","tag-open","tag-rice","tag-tariffs"],"yoast_head":"\nNEDA open to adjusting rice tariffs before 2028 - 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\/neda-open-to-adjusting-rice-tariffs-before-2028\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NEDA open to adjusting rice tariffs before 2028 - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE GOVERNMENT is open to adjusting tariff rates on rice imports if global prices show a steady decline, National Economic and Development Authority (NEDA) Secretary Arsenio M. 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