Prices of rice are expected to drop by PhP6.00 to PhP7.00 in the coming months with the early implementation of the lowered rice tariff.

The lowered rice tariff is provided under Executive Order 62 issued recently by President Ferdinand R. Marcos Jr, according to Department of Agriculture (DA) Assistant Secretary Arnel de Mesa.

“So, ini-expect natin, ayon na rin sa unang pagtaya ng Philippine Statistics Authority (PSA) na bababa ang halaga ng imported na bigas from six to seven pesos because of this tariff reduction,” De Mesa said in a news briefing in Quezon City on Saturday.

President Marcos issued EO 62 on June 29, 2024. The EO ordered the modification of nomenclature and tariff rates on various products to ensure continues supply of goods and to protect the purchasing power of the Filipino people.

De Mesa explained that the validity of the EO 62, particularly on the rice tariff reduction is 15 days upon its publication, or by July 6 while for other commodities will take effect 30 days upon its publication.

“So, kung July 6 siya magiging effective, we can expect within August na magkakaroon na ng mga darating na bigas kung i-a-apply agad iyong ganoong taripa, bagong tariff scheme sa bigas,” De Mesa told reporters.

President Marcos issued EO 62, which acknowledges the need for a new multi-year and comprehensive tariff schedule that will provide transparent and predictable tariff structure. |PND