THE 15% DUTY on imported rice will remain the same at least until November, as stated by the Department of Economy, Planning, and Development (DEPDev), with the government striving for a \u201cwin-win\u201d solution that harmonizes inflation control with safeguarding local farmers.<\/p>\n
\u201cNot in the short-term, but likely by November,\u201d DEPDev Undersecretary for Policy and Planning Rosemarie G. Edillon conveyed during a news briefing on Wednesday. \u201cAfter four months, we will present the study to the President.\u201d<\/p>\n
The reduced tariff was established through Executive Order (EO) No. 62, which became effective in July 2024 and decreased the import duty on rice to 15% from 35% until 2028. The EO requires a review every four months to evaluate its effects.<\/p>\n
This announcement surfaces amidst a petition from agricultural groups, including the Samahang Industriya ng Agrikultura, to revert to the original 35% duty to protect local producers from the influx of lower-cost rice imports.<\/p>\n
The Department of Agriculture, on the other hand, indicated it would advocate for a gradual tariff increase during the upcoming harvest season.<\/p>\n
Ms. Edillon reported that they convened to discuss the review and the petition and concurred that the periodic assessment aims to report on developments rather than make suggestions at this time.<\/p>\n
The reduced tariff seems to be accomplishing its inflation-mitigation objectives. Rice prices fell by 14.3% in June, an improvement from the 12.8% drop in May, according to the local statistics agency. It marked the steepest decline since 1995.<\/span><\/p>\n The rice supply also appears to be stable. As of June, the nation\u2019s rice stockpile reached 2.24 million metric tons (MT), 3.5% higher than the previous year. \u201cMost of them are still in the warehouses. And we actually had a bumper harvest in the first half,\u201d Ms. Edillon mentioned.<\/span><\/p>\n She added that the rice import volume would be limited to 3.5 million MT for the year.<\/p>\n The government is also considering additional measures to assist farmers, including improved access to the Rice Competitiveness Enhancement Fund, which provides planting support.<\/span><\/p>\n