Lower rice tariffs may 'take a while' to make impact - NEDA

It may take a little longer before Filipinos can feel the impact of the executive order lowering the tariff on rice imports on retail prices, the National Economic and Development Authority (NEDA) said on Wednesday.

“I think that will still probably take a while [...] We are monitoring the situation,” said NEDA Secretary Arsenio Balisacan in a chance interview with reporters when asked about the effect of Executive Order No. 62.

Under EO 62, the tariff rate for imported rice decreased to 15% from the previous 35% until 2028.

The NEDA Board, chaired by the President with Balisacan as vice chair, said the reduction of the rice tariffs was in line with the target to bring down rice prices to P29 per kilogram for the poor.

The Department of Agriculture said EO 62 mandated a periodic review of the tariff rates every four months upon the order’s effectivity on July 6.

Balisacan said they would review the tariff rates in November.

“We are already preparing the methodologies, how to undertake the review, para mas up to date 'yung report namin to the President (so we will present an up-to-date report to the President),” he said. — VBL, GMA Integrated News