The Department of Agriculture (DA) announced that rice prices are likely to decline in the coming days, thanks to the reduced tariffs on imported rice reaching retailers.
During a recent episode of Bagong Pilipinas Ngayon, DA Assistant Secretary and Spokesperson Arnel De Mesa explained that the combination of lower tariffs, India easing its rice export restrictions, and the ongoing local harvest season will contribute to decreasing rice prices.
De Mesa shared that while rice prices have been rising, the rate of increase has slowed, with rice inflation dropping from 14.7% in August to 5.7% in September. He also highlighted the government’s Rice-for-All program, which sells rice at P29 per kilo, and efforts to boost local rice production.
Additionally, De Mesa emphasized the benefits of the recently signed Anti-Agricultural Economic Sabotage Act, which aims to curb smuggling and protect local farmers and fishers. The new law imposes stricter penalties, including non-bailable offenses and reclusion perpetua for violators. Informants will also be rewarded for providing information on smuggling activities.
Almost all agricultural products are covered under the new law.