The Department of Finance (DOF) foresees a possible P5/kilo drop in average rice prices by the month of August, due to slashed tariffs on imports.
As the tariff on imported rice has gone down from 35 percent to 15 percent, Finance Secretary Ralph Recto said the department anticipates a 10 percent reduction on average in prices for the rest of the year.
“This could lower the price of rice by at least P5 per kilo. From an average of P54.40 per kilo last June, prices could go down to below P50 as early as August,” Recto announced.
Since September 2023, rice has been a major contributing factor to inflation, which can be chalked up to rising global prices.
“Rice accounted for over half of the overall inflation for average consumers last month. And for those in the bottom 30 percent of households, it had a bigger share at 80 percent."
“Thus, our mandate is clear: we must act swiftly to alleviate this burden that disproportionately affects the vulnerable population,” the Finance chief declared.
