An official of the Philippine Statistics Authority (PSA) said various government initiatives, including President Ferdinand R. Marcos Jr.’s order to cut rice import tariffs, helped slow down rice price inflation.

In a Palace press briefing on Wednesday, PSA Assistant National Statistician Rachel Lacsa said, “Naniniwala po kami na malaki iyong naging epekto ng ginagawa ng gobyerno para sa pagbaba ng inflation ng bigas or iyong pagbaba ng presyo ng bigas.”

Lacsa said the current maximum suggested retail price is PhP45 per kilogram, noting that many provinces are now offering rice at the same price—and even lower in some areas—something not seen in previous months.

On June 29, 2024, President Marcos issued Executive Order 62, which modified imported duty rates on certain products to rein inflationary pressures and protect the peso’s purchasing power.

“Kapag bumaba po o patuloy na bumaba iyong presyo ng bigas, we will be expecting din po na bababa rin po iyong all items or overall inflation,” Lacsa said when asked about the possibility of maintaining low inflation.

The Department of Agriculture (DA) announced in March that it would reduce the maximum suggested retail prices (MSRP) for imported rice to PhP45 for every kilo, following a continued decline in global rice prices.

The DA’s implementation of the MSRP on imported rice resulted in a sharp price reduction without significantly disrupting the rice industry.

The initiative and other DA-led options have contributed to lower rice prices. After declining by 7.7 percent in March, rice prices dropped another 10.9 percent year-on-year in April. | PND