MANILA, PHILIPPINES – The National Economic and Development Authority (NEDA) Board, led by Socio-Economic Planning Secretary Arsenio Balisacan and President Ferdinand Marcos Jr., has decided to reduce the tariff on imported rice to lower its price in the market.
The tariff will be reduced from 35% to 15%, according to the latest Comprehensive Tariff Program for 2024-2028.
READ: PAGPAPALAWIG NG RCEF, SUPORTADO NG DEPARTMENT OF AGRICULTURE
The NEDA Board stated that this reduction could potentially lower the price of rice to P29 per kilo for poor Filipinos, including beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps). Additionally, the government will provide rice subsidies for these individuals.
The NEDA Board assured that, although this change will affect the collection of the Rice Competitiveness Enhancement Fund (RCEF) allocated to farmers, they will continue to strengthen programs for farmers.
NEDA emphasized that this tariff reduction is one of several steps the government is taking to achieve the Marcos administration’s goal of making rice more affordable for Filipinos.