Nationwide Rice Price Monitoring Initiated Under New Tariff Reductions

MANILA — In response to recent changes in agricultural tariffs, the Philippine government has initiated a comprehensive nationwide rice price monitoring program. This initiative aims to track the effects of these tariff adjustments on rice prices throughout the supply chain, from importers to local retailers.

According to Philippines News Agency, this monitoring effort is being conducted in collaboration with the Department of Agriculture (DA). It spans various retail settings, including supermarkets, hypermarkets, and grocery stores under DTI oversight, as well as wet markets regulated by the DA. This initiative follows President Ferdinand Marcos Jr.’s Executive Order (EO) 62, which in June reduced the tariff on imported rice from 35 percent to 15 percent and also lowered tariffs on other agricultural products to facilitate cheaper and more stable food prices.

Trade Secretary Alfredo Pascual, who chairs the National Price Coordinating Council (NPCC), emphasized the importance of this initiative for providing policymakers with accurate data on rice price trends. The NPCC, which includes leaders from the trade and agriculture sectors as well as representatives from consumer, agricultural, trading, and manufacturing groups, plays a vital role in the national strategy to stabilize and control the prices of essential commodities.

Further detailing the government’s strategy, Pascual praised the efforts of Congress members who work to ensure price stability and consumer protection by addressing issues such as hoarding, profiteering, and smuggling. “We at the DTI deeply appreciate the tireless work of these legislators in holding price manipulators and violators accountable. Their actions align perfectly with our mission to empower and care for consumers while fostering fair competition for legitimate businesses,” he noted.