Retail rice prices in public markets are set to decrease by up to P7 per kilo in early August following the government’s decision to cut duties on imported rice, according to the Department of Agriculture (DA).
“Based on the initial computation of the PSA (Philippine Statistics Authority), retail prices will be lower by P6 to P7 [per kilogram],” Agriculture Assistant Secretary Arnel de Mesa, who is also the DA’s spokesperson, said in an Inquirer.net report. He added that consumers should see this price reduction by the first week of August.
While some rice shipments with reduced tariffs have already entered the country, De Mesa noted that the overall volume of imported rice arriving in July is relatively small. “The volume of imported rice that arrived in the country is not that huge in quantity … but within July, some of it [would already have] been released and reached the markets,” he explained.
As of July 11, the Bureau of Plant Industry (BPI) issued 302 sanitary and phytosanitary import clearances (SPSICs) for 264,316.50 metric tons of imported rice. However, De Mesa highlighted that only 35,594 metric tons of imported rice have arrived, a significant drop from the 157,111.75 metric tons recorded by the BPI in the same month last year.
From January to this month, the total volume of imported rice reached 2.37 million metric tons. All rice imports are now subject to a 15-percent duty as per Executive Order No. 62, signed by President Marcos last month. The reduced tariffs, effective from July 5, aim to ensure the continued supply of essential food products at affordable prices.
Current prices for locally produced regular milled rice range from P45 to P50 per kilogram, up from P36 to P44 per kilogram a year ago. Local well-milled rice is priced between P45 and P55 per kilogram, compared to P40 to P49 per kilogram previously. Imported regular milled rice sells for P47 to P49 per kilogram, while imported well-milled rice is priced between P51 and P55 per kilogram.
De Mesa also mentioned the DA’s plans to expand its “Program 29,” which sells subsidized rice, by November this year. The initiative, currently in Bacoor, Cavite, and San Pedro City, Laguna, aims to gather crucial information on the costs and effectiveness of subsidies.
Under “Program 29,” eligible beneficiaries can purchase up to 10 kilos of rice per month at P29 per kilogram. This program targets approximately 6.9 million households, or around 34 million Filipinos, including senior citizens, single parents, persons with disabilities, and those under the conditional cash transfer scheme.
