Bulacan, Philippines – The 15 percent tariff for rice imports is likely to be retained in June, Agriculture Secretary Francisco Tiu Laurel Jr. said Monday, May 26, ahead of a review.
Executive Order 62 issued by President Ferdinand Marcos Jr. in June 2024 cut the tariff rate on imported rice from 35 percent to 15 percent until 2028, but this is subject to review every four months. The next review will be in June.
“Wala pang percentage point but we already have the recommendation na pwede na i-consider mag-increase little by little, but it’s a matter of timing,” Tiu Laurel told reporters on the sidelines of a consultative meeting with farmers in Malolos, Bulacan.
[Translation: There’s no percentage point yet but we already have the recommendation to consider increasing the rate little by little, but it’s a matter of timing.]
He said he will not recommend raising the rate “for now” since it is the end of harvest season in the country and abroad.
“Kung magtataas man tayo ng tariff, siguro kung kailan na ‘yung harvest season ‘yung mga nagbebenta para hindi tayo tamaan masyado,” he said.
[Translation: If we will be increasing the tariff, maybe it could be done during the harvest season of the exporters so that we will not be affected much.]
In the Philippines, rice has a big share in food inflation, which could be an indicator if the government could keep its inflation target.
Rice inflation has contracted since the beginning of this year, or -10.9 percent in April.
