Recto says extending rice import suspension beyond October unlikely

THE PHILIPPINE government is unlikely to extend the 60-day suspension of rice imports after end of October, and has no plans to raise tariffs on rice. Finance Secretary Ralph G. Recto said on Monday.

- By Aubrey Rose A. Inosante Reporter

"The only reason for the suspension essentially is because it’s harvest season," he said on the sidelines of the Economic Journalists Association of the Philippines Economic Forum on Monday.

Last week, President Ferdinand R. Marcos, Jr. ordered a halt on rice imports for 60 days starting Sept. 1 to provide relief for farmers, upon the recommendation of the Department of Agriculture (DA).

Asked if the government would extend the suspension beyond October, Mr. Recto replied: “unlikely.”

The DA also recommended gradually raising the rice import tariff to its original 35% rate from the current 15%.

Asked if there are plans to hike tariffs, Mr. Recto said: “Wala pa. There are no plans.”

Executive Order (EO) No. 62, which took effect in July 2024, lowered import tariffs on rice to 15% until 2028 to tame inflation. The order is valid until 2028 and is subject to review every four months.

Department of Economy, Planning, and Development Secretary Arsenio M. Balisacan said the government is still studying the impact of a hike in rice tariffs.

"We'll be meeting our technical group in consultation. We're preparing the study and then we'll set an informed basis for the decision or our recommendation," he told reporters.

Mr. Balisacan said there is a need to balance the interests of farmers, consumers, and the broader economy as it will affect inflation and wages.