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DA expects full impact of lower rice tariffs in January
The Philippine Star
|September 19, 2024
Agriculture Secretary Francisco Tiu Laurel Jr.yesterday moved the expected full impact of Executive Order (EO) 62 on lower tariff on imported rice to January 2025 from October 2024.
“Since demand for food usually spikes in December, we anticipate seeing a more substantial drop in rice prices by January,” he said.
He assured the public that the benefits of EO 62 will be felt starting October 2024 as the importers still have many stocks in the warehouses before the effectivity of the EO on July 7.
Economic managers have vowed that EO 62 will result in a P7 per kilo drop in the cost of rice.
EO 62 lowers the tariff on imported rice from the previous rate of 35 percent to 15 percent.
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