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Different types of rice are sold at the AGora Market in San Juan City on May 7, 2024. Maria Tan, ABS-CBN News

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Vivienne Gulla

ABS-CBN News

<div><img alt="Different types of rice are sold at the AGora Market in San Juan City on May 7, 2024. Maria Tan, ABS-CBN News" src="https://od2-image-api.abs-cbn.com/prod/editorImage/171768048957220240507-rice-agora-market-MT-10.jpg" class="fr-fic fr-dii"/>Different types of rice are sold at the AGora Market in San Juan City on May 7, 2024. Maria Tan, ABS-CBN News</div>MANILA -- The NEDA-approved tariff rate cut for imported rice is seen to reduce rice retail prices by P5 to P6, according to House Committee on Agriculture and Food Chairperson and Quezon 1st District Representative Wilfrido Mark Enverga.House Speaker Martin Romualdez said this is expected to be felt before the end of July. “It is going to be less by P5 to P6 per kilo,” Enverga told the media in a press conference son Thursday, citing estimates from the Philippine Statistics Authority. “That P5 to P6, at the current exchange po ‘yun. If the dollar goes down, then mas mataas pa doon,” House Deputy Majority Leader and ACT CIS Party List Representative Erwin Tulfo added. <div><a class="fr-green fr-strong" href="https://news.abs-cbn.com/business/2024/6/4/neda-board-to-reduce-rice-tariffs-to-15-pct-from-35-pct-until-2028-1444">READ: NEDA Board to reduce rice tariffs to 15 pct from 35 pct until 2028</a></div>House leaders met with the Department of Agriculture, Department of Trade and Industry, Bureau of Customs, and supermarket representatives on Thursday to discuss ways to ensure that savings from lower rice tariff, once it becomes effective, will be passed on to consumers -- especially since the DA and the DTI said issuing a suggested retail price for agricultural products “is not yet on the table”.“We will make sure that for instance, the importers will not abuse or the traders or the other stakeholders or the retailers. We asked our friends sa DTI, make sure that they monitor prices, and of course the DA… Make sure that the price of basic rice stable and… all those who consume rice will be able to afford quality rice at reduced prices,” Romualdez said. A group of rice retailers, however, is concerned that importers have already purchased rice stocks for the lean months under the current tariff rate of 35%, and local dealers bought them based on existing prices. If rice retail prices decline soon from lower tariff rates, they will have to compete with that. “Meaning po, nasa mataas po na presyo ‘yung kanilang hawak ngayon na puhunan. So, kung magkakaroon po ngayon ang panibagong tariff na 15%, may effect ‘yan as a whole sa buong industry. Siyempre po, maapektuhan ‘yung mga namuhunan ngayon sa malaki. Kaya po ang nakikita po namin dyan, is mabibigyan ng leeway naman po (sana) ‘yung mga may mga hawak ng stocks, at least makabenta pa sila,” Grains Retailers Confederation of the Philippines Spokesperson Orly Manuntag said. “We spoke to the importers last night. Now, they’re having some problems, kasi diba mayroong silang ipinasok na mataas. So I said… Mag-average down na lang kayo. ‘Wag mo nang hawakin. I-download mo na ‘yan. May tariff reduction. Bumili ka na ng mas mura ngayon, di ba kasi may savings, so i-average mo na lang lahat. Syempre nagre-resist pa rin,” Romualdez explained. Several agricultural groups have denounced the reduction in rice tariff, with some planning to appeal the NEDA board’s decision to the DA and to the Office of the President. In a letter, they said lower rice tariffs do not guarantee lower rice retail prices, and only benefit importers and traders, while penalizing local producers. “Tuloy-tuloy pa rin ‘yung protection of our farmers, through subsidies and of course support. So there’s nothing to worry there, the farmers will always be protected,” Romualdez said in response. The House Speaker also defended the reduction in rice tariff saying global rice prices are high. He also noted that the policy can be revisited later to see whether there will be a need to revoke it once global market conditions improve. Romualdez, meanwhile, sought to allay concerns that the rice tariff cut could flood the country with imported rice. “Yung pag-iimport, ‘di naman babaha kasi there’s a regular flow of imports. ‘Yung pumapasok na bigas sapat lang talaga,” he said.

The NEDA-approved tariff rate cut for imported rice is seen to reduce rice retail prices by P5 to P6, according to House Committee on Agriculture and Food Chairperson and Quezon 1st District Representative Wilfrido Mark Enverga.

The NEDA-approved tariff rate cut for imported rice is seen to reduce rice retail prices by P5 to P6, according to House Committee on Agriculture and Food Chairperson and Quezon 1st District Representative Wilfrido Mark Enverga.

Rice tariff reduction seen to cut retail prices by P5 to P6 per kilo: lawmakers

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Rice tariff reduction seen to cut retail prices by P5 to P6 per kilo: lawmakers

Vivienne Gulla,

ABS-CBN News

Published June 06, 2024 09:37 PM PHT

|

Updated June 07, 2024 01:24 AM PHT

Read More:

House of Representatives

House Speaker Martin Romualdez

rice

tariff

Department of Agriculture

Department of Trade and Industry

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