DA: Modified duty rates to lower imported rice prices by P6 to P7

Workers unload 420,000 sacks of rice from Thailand at Harbor Center in Tondo, Manila on Thursday, May 28. The imported rice are part of the contingency supply to reduce the possible scarcity of rice due to the effects of drought in several provinces.

The Department of Agriculture said on Saturday that the executive order modifying the import duty rates of various commodities would reduce imported rice prices by P6 to P7.

“Ini-expect natin, ayon na rin sa unang pagtaya ng Philippine Statistics Authority (PSA), na bababa ang halaga ng imported na bigas from six to seven pesos because of this tariff reduction,” DA Assistant Secretary Arnel de Mesa said in a news forum.

(We expect, based on the initial forecast of the Philippine Statistics Authority (PSA), that the price of imported rice would decrease from P6 to P7 because of this tariff reduction.)

De Mesa said that under EO 62, the tariff reduction for rice would be implemented earlier on July 6, 2024, or 15 days after its publication, while tariff reduction for commodities will take effect 30 days after its publication.

“So kung July 6 siya magiging effective, we can expect within August na magkakaroon na ng mga darating na bigas kung i-a-apply agad 'yung bagong tariff scheme sa bigas,” De Mesa told reporters.

(So, if it becomes effective on July 6, we can expect arrivals within August if such a new tariff scheme for rice is applied immediately.)

Under Executive Order No. 62, several commodities such as animal products, plants, pharmaceutical needs, chemicals, etc. would be subject to the Most Favored Nation (MFN) rates of duty, or what other countries vowed to impose on imports from other World Trade Organization members.

“There is a need for a new multi-year and comprehensive tariff schedule that will provide a transparent and predictable tariff structure, and allow businesses to engage in medium- to long-term planning to improve productivity and competitiveness, facilitate trade, and enhance consumer welfare,” the EO read.

“The implementation of an updated comprehensive tariff schedule aims to augment supply, manage prices, and temper inflationary pressure of various commodities, consistent with the Philippine national interest and the objective of safeguarding the purchasing power of Filipinos,” it added. — DVM, GMA Integrated News

This article DA: Modified duty rates to lower imported rice prices by P6 to P7 was originally published in GMA News Online.