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A worker arranges sacks of rice at a local rice store in Quezon City, October 4, 2023. President Ferdinand R. Marcos Jr. has lifted the implementation of mandatory price caps on rice. The Department of Agriculture (DA) and the Department of Trade and Industry (DTI) recommended the lifting of the mandatory rice price cap due to the decreasing rice prices in local markets and an increased supply of local harvest in the last quarter of 2023.Maria Tan, ABS-CBN News

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Agri dept says prices of rice may go down, pleased with lower rice inflation

Victoria Tulad

ABS-CBN News

MANILA -- The Department of Agriculture said rice prices may go down in the coming days as the reduced tariffs on imported rice finally trickle down to retailers.During Friday’s Bagong Pilipinas Ngayon, DA Assistant Secretary and Spokesperson Arnel De Mesa said that aside from the lower tariffs, India’s easing of restrictions on rice exports, and the ongoing harvest season will also weigh down rice prices.“All these combined effects ay magkakaroon ng magandang epekto para lalo pang bumaba ‘yung presyo ng bigas sa mga merkado,” De Mesa said.The DA has said that cutting tariffs will reduce rice prices. De Mesa however said the DA is pleased that rice <a href="https://news.abs-cbn.com/business/2024/10/4/inflation-eases-further-in-september-813" rel="noopener noreferrer" target="_blank">inflation</a> has fallen from 14.7 percent in August to 5.7 percent in September.“Natutuwa kami sa balita na ito dahil malaki ang ibinaba ng food inflation,” De Mesa said.Aside from lowering tariffs, the government has also sold rice at P29 per kilo under the Rice-for-All program. DA is also strengthening rice production in the country.<div>ANTI-AGRICULTURAL ECONOMIC SABOTAGE ACT</div>De Mesa also reiterated the advantages of the newly signed <a href="https://news.abs-cbn.com/business/2024/9/26/marcos-jr-signs-new-law-classifying-smuggling-as-economic-sabotage-1700" rel="noopener noreferrer" target="_blank">Anti-Agricultural Economic Sabotage Act</a>.“Masasawata at malilimitahan nito yung pagpasok ng smuggled goods,” he stated.“Kung mapipigilan po natin ‘yung pagpasok ng mga smuggled goods sa ating bansa, mas magiging maganda ang productivity ng ating mga magsasaka at mangingisda,” De Mesa said adding that tax collection will also improve.He cited stiffer penalties as well under the new law, such as the offense being non-bailable and punishable by reclusion perpetua.Aside from the accused, accomplices, trackers, warehouses and employees may also be held accountable.Almost all agricultural products are covered by the new law.Those who will give information on smugglers will be given incentives, according to De Mesa.

The Department of Agriculture said rice prices may go down in the coming days as the reduced tariffs on imported rice finally trickle down to retailers.

The Department of Agriculture said rice prices may go down in the coming days as the reduced tariffs on imported rice finally trickle down to retailers.