DA: New Tariff Rates to Slash Imported Rice Prices by P6 to P7

The Department of Agriculture (DA) announced on Saturday that an executive order modifying import duty rates will reduce the prices of imported rice by P6 to P7.

“We expect, based on the initial forecast of the Philippine Statistics Authority (PSA), that the price of imported rice will decrease by P6 to P7 due to this tariff reduction,” stated DA Assistant Secretary Arnel de Mesa during a news forum.

The reduction, outlined in Executive Order No. 62, will take effect on July 6, 2024, 15 days after its publication. This adjustment will apply earlier to rice, while other commodities will see tariff reductions 30 days post-publication.

“If the tariff reduction becomes effective on July 6, we can expect rice shipments to arrive by August under the new tariff scheme,” De Mesa added.

Broader Tariff Reductions Under EO 62

EO 62 will also adjust tariffs on various other commodities, including animal products, plants, pharmaceuticals, and chemicals, aligning them with the Most Favored Nation (MFN) rates imposed by other World Trade Organization members.

The executive order emphasizes the need for a transparent, predictable multi-year tariff schedule to enhance business planning, productivity, trade facilitation, and consumer welfare. It aims to increase supply, manage prices, and reduce inflationary pressure, ultimately safeguarding the purchasing power of Filipinos.